1. Lines are not accurate, because we don't need precision to show general idea of this
2. I use Bitfinex 1d but I'm almost sure similar patterns cn be presented on Okcoin chart
3. I'm not sure it will go down, but whole is pretty interesting to focus on it
1. Since 2015 we have clear uptrend with clear 3 sequences of strong impulse, correction, triangle, consolidation and again impulse.
2. We can draw channel - we don't need very accurate lines. Channel (white) is little broadening.
3. Tops of each 3 uptrends are very nice to see at double/triple top on overbought. Time between top 1-2 and 2-3 are similar (200-230d). % of rising each new uptrend is also similar but goes down a little (around 100% to above 80% to above 60% of actual, 3rd impulse).
4. We have weaker each time (doesn't matter to idea of this chart but we can see it very clear).
Most important points:
5. Each time after top we saw a "triangle 1.0" (triangle in 1st version). Upper line is grey, lower BLUE. (In 2nd uptrend, I draw 2 lines because to be honest lower line is accurate but higher fits better to our chart... but it doesn't matter and not changing anything to )
6. We finished 2 cycles and now we have 3rd cycle in middle and in very important point. We saw that pattern: BTC formed triangle 1.0 and went down to form longer, new triangle (triangle 2.0). New lower line of tr .2.0 is grey. We can see that in new triangle, BTC is going to lower line of channel, near 100 and 200 and we have consolidation with good place to buy and start of new cycle.
7. What is point X? We can see that X is place where triangle 1.0 have 3rd touch of higher line and have continuation. BTC is going down and forming new triangle 2.0.
OK. Do you see now? Now we are in point X in 3rd cycle.
Very important moment. IF we are not going to move much higher soon, BTC will probably go down from actual triangle and will form triangle 2.0 with possible low around lower line of white channel, near 100 and near ending of triangle 2.0. It would be 3rd time we copied that "pattern" or "fractal" whatever you want to call it. I'm not saying we will go down for sure but if we will go down from actual triangle we probably will copy pattern from early 2015 and mid 2016. But you know fractals are fractals: can't repeat forever. So even if we will form tringle 2.0 with X-key point now, I don't know if we'll copy buy are by lower line of channel and ending of new triangle.
This is all very interesting and I'm dying to see what will happen. :)
Thanks for reading, sorry for my engrish wrr:-)