No matter how you frame it, this recent corrective channel (since mid-January) has failed to hold. And a quick look back at the history of this big bubble bear slide shows we're just getting started on another bloody descent. Happens every time, and until the candles finally bust that fork top, the dominant trend here is still down...
If there's one thing that Bitcoin loves to do, it's a full retracement of extreme moves. And what better way to do that than to take one more bear leg down to $120, back to that nice flat floor of September 2013, before the Gox Rocket was lit. That would make for a nice and tidy ABCD pattern, and would satisfy the fork harmonics which seem to be calling for another touch of the blue channel bottom. But a double bottom in the $154 zone could form, so I'd say anywhere from 120-160 is a good time to fill them bags again...
I'm intrigued at how all four times the bull channels popped, they did so while crossing the daily RSI exactly at 38. No clue what significance that might have. I wouldn't think such alignment would happen coincidentally 4x in a row, though. Maybe someone can enlighten me...
If there's one thing that Bitcoin loves to do, it's a full retracement of extreme moves. And what better way to do that than to take one more bear leg down to $120, back to that nice flat floor of September 2013, before the Gox Rocket was lit. That would make for a nice and tidy ABCD pattern, and would satisfy the fork harmonics which seem to be calling for another touch of the blue channel bottom. But a double bottom in the $154 zone could form, so I'd say anywhere from 120-160 is a good time to fill them bags again...
I'm intrigued at how all four times the bull channels popped, they did so while crossing the daily RSI exactly at 38. No clue what significance that might have. I wouldn't think such alignment would happen coincidentally 4x in a row, though. Maybe someone can enlighten me...
