bitcoin has been respecting the same trend line on logarithmic scale ever since the 2013 -0.48% crash. Since then, there have been plenty of bubbles that start in the bottom half of the trend line and bounce off of the top half of the trend line . The one starting in April is no different. It bounced perfectly off of the top of the logarithmic trend line and is experiencing a bull trap as it has a few times in the past.
Assuming this time is no different than any of the past patterns in the last 2-3 years, we should see a correction to the $1400-$1550 range
@mozartc, Thanks for the comment! I have seen the upward sloping trend line you are talking about. Very clean technicals in your set up. this time bitcoin may bounce off the midway point of the channel. We will have to see if it goes all the way to the bottom of the channel or not.