In spite of the violent short term moves, the long term accretive effects of bitcoin are undeniable. The log chart reveals key linear support and resistance lines in the long term trend. The next cycle projects support in the 12-13k range. The upper channel resistance line gives clear non-greedy first targets of 300% based on symmetry of past moves and the 5 key major recognition of this line. In prior cycles we saw BTC fail to break out of the channel in between major bull runs. There is an opportunity to create major torque the next cycle, if this were to happen again. This develops the non greedy target 1. If BTC does "round trip" back to the lower support line, the prudent trader will further maximize his long term gains with the non greedy target levels.
Long term trade set-up:
Entry: 13.5k
Stop: 5k
Target 1: 42k
Target 2: 120k
Target 1 R/R: 3.4
Target 2 R/R: 12.5
Long term trade set-up:
Entry: 13.5k
Stop: 5k
Target 1: 42k
Target 2: 120k
Target 1 R/R: 3.4
Target 2 R/R: 12.5