Bitcoin - Fibonacci Eye CandyA simple correlation of Bitcoins past history, seems to be repeating in similar fashion - I guess time will tell...
Some Fibonacci eye candy for those bullish on bitcoins next trend...
Bitcusd
BTCUSD: could touch the upper side of the channel (4950)We dont know that , but btc did not turn down for a bit right now.
Consider there is a leg impulse it to move to upper side of the channel, btc could highly possible to touch 4950, last top a again.
Its hard to get higher than that.
Less is more!
BTC, are we consolidating?Previous bounce didnt work as expected, so after re-assessing, I think we're in consolidation. Hopefully this is the last leg before we head up again. However, this is just TA, and ignores fundamentals such as the looming UAHF / BTC network fork.
The Arithmetic Bull vs The Log BearThe bearish primary degree count (on log scale) still satisfies more factors (i.e. volume trends, sentiment, proportionality, distance, time) than the bullish cycle degree count (on arithmetic scale) and I consider it the higher probability scenario.
Log scale shows that the rally to new all-time highs is not as big as it seems. Arithmetic scale shows how steep the trajectory has been, most comparable to the bubble rally to all-time highs previously. What followed was a two year decline which is inline with my big picture outlook that BTCUSD is working its way through a cycle degree expanding flat correction. A similar two year decline to at least the 200 level would satisfy this count perfectly.
At intermediate or minor degree a fourth wave is unfolding and we should expect a fifth wave rally which may be taking off as I type this. Once this high is in place, the next major move is a correction. Cycle degree wave IV or primary degree wave ((C)) of cycle II.
