I have set up several support/resistance lines on a Log scale in order to demonstrate the congruence of various parts of the price structure. The lowermost black lines are support lines for the B section of the structure, while the red line is medium scale resistance, and the gold 0.06% line the peak resistance. The black lines on the November 11th, 2017 peak are parallel outside of a log scale chart, further showing the structure similarities on the chart.
The gold 0.06% lines are lines parallel to the overall slopes of the B structure lines and connect to the peak prices that we have seen in the past. These provide a possible maximum for future peaks in respect to prior trends.
The red circles indicate the location of the current trend. Based on past congruence, the next peak may break through the red resistance line and continue towards the purple. If it is unable to break through the purple line's resistance, it will reset to the upper black line's support level and provide the possibility of a breakthrough to the lower golden resistance line.
Due to how Log Scale charts work, some lines have been slightly deskewed from their real peaks in order to better show the patterns present on the chart.
The gold 0.06% lines are lines parallel to the overall slopes of the B structure lines and connect to the peak prices that we have seen in the past. These provide a possible maximum for future peaks in respect to prior trends.
The red circles indicate the location of the current trend. Based on past congruence, the next peak may break through the red resistance line and continue towards the purple. If it is unable to break through the purple line's resistance, it will reset to the upper black line's support level and provide the possibility of a breakthrough to the lower golden resistance line.
Due to how Log Scale charts work, some lines have been slightly deskewed from their real peaks in order to better show the patterns present on the chart.