I published this idea 11 days ago and it still appears on track, repeating the Nov/Dec bearish decline. Strongest support is around $237, with lesser around 220, 210. Once these break its an easy drop to 170. If like last time panic selling sets in it could turn nasty fast possibly into double figures.
This chart assumes 237 will break soon, however given its...
As others here have pointed out it looks like past patterns are being repeated.
Now seems to match Dec better than Aug 2014 imo - indicating faster decline possible on the bearish channel in green. To be confirmed if previous highest volume support around 235 breaks.
The Dec drop took around 38 days to complete ending with price falling off a cliff. This time...
This adds my own thoughts to timwest's related idea linked here - focusing more on the bearish side.
The bull run of May/June last year took BTC onto a shallower decline - the old channel top becoming the new channel bottom on the log scale (dotted blue line).
Within this, the last wave oscillation trough to trough was 15 weeks, on which basis the current one is...
I'm new to this so it partially worked. Apologies up front that it's still not quite right.
The image I wanted to publish is the one above with 3 chart views side by side. 2 of the May/June 2014 surge and the 3rd of the current one in progress.
The comparative price, volume and MACD profiles are interesting imo. A partial fit works from the 2nd chart...
Now leaning to a further upswing comparing these two periods.
Price, MACD, RSI, OBV all match-up quite closely. Volume profiles suggest room for another upswing. Thoughts anyone?
BTC seems to love repeating complex patterns, as many others here have pointed out. The correlations between now and leading up to and with the May/June 2014 surge are interesting. According to which we could be mid-way up the surge or just past its peek. Both seem to fit.
Also for what its worth it appears we're just reaching back into the upper half of the...
