The log chart has worked perfectly previous years. We have the 2013-2014 channels, the 2015-2016 channel, the 2017-2018Q1 bull (purple) & bear (red) channel and both have been recently broken.
We're now floating in between both the bull and bear channels and potentially formed a new one, the orange one. Which is very interesting as the it's lower base runs straight through these obvious bottoms and then doesn't touch anything until all the way back to the 2014 top!
I drew potential path ways bitcoin could take and have colored the from the most likely to the less. Green being the most likely scenario, yellow the second most likely and the red ones the most unlikely.
We have seen btc trying to get back into the 2017 channel and failing, hopefully it will stay above the red bear channel and not revisit 3-4ks.
Only time will tell but I believe this to be a good framework to frame coming moves.
We're now floating in between both the bull and bear channels and potentially formed a new one, the orange one. Which is very interesting as the it's lower base runs straight through these obvious bottoms and then doesn't touch anything until all the way back to the 2014 top!
I drew potential path ways bitcoin could take and have colored the from the most likely to the less. Green being the most likely scenario, yellow the second most likely and the red ones the most unlikely.
We have seen btc trying to get back into the 2017 channel and failing, hopefully it will stay above the red bear channel and not revisit 3-4ks.
Only time will tell but I believe this to be a good framework to frame coming moves.
It's not as messy at it might appear at first glance ;)