Small mercy. A set of perfect descending triangles indicates we are headed for the $2000-$6000 region IMO. Major profit taking from last year's rise about to take place.

Care to explain your basis for such wide spreads ?

Since the bubble, we've been trading largely into a corner with lower highs and higher lows. That would suggest that we'll break out in one direction or the other, but not one first, then reverse all the way back beyond the lowest low. If it broke out up to your 13k level we'd have by then have had many successful retests of the 6500 support.

The "long cold bear market" of 2014/15 happened because there was no shoulder support for the December 2013 peak as there is now. It therefore had to retrace all the way back to the April 2013 266 high to find support.

It's too early to panic or decide either way toxic, because what we are seeing at the moment is no more than a reasonable correction on the weekly chart that's been expected for a while since we've been going up more or less non-stop (on the weekly) from 6500 to nearly 10k.

I see 2 possible scenarios playing out here.

We've now retraced around 50% of that recovery and the weekly RSI is starting to approach the oversold region (7% to go conventionally). So it could either recover somewhere in the 7k to 8k area and we'd be ok to continue a healthy growth (scenario 1) - or it could continue straight down to the main support level at 6500. In the latter case the pattern would seriously start to look like scenario 2, i.e. a descending triangle pattern hammering onto that 6500 support. If it breaks it then we're looking at the next support levels being 5800 and 4500.

(The two graphics below are exactly the same chart just looked at 2 different ways).

The bottom chart is painted slightly more bearish than it is in reality. The triangles actually have slightly ascending bottoms which indicates a reluctance to penetrate that support. Looks more like consecutive retests to me. Lets see what it does from here.

B..b..but Clif High sed... 

BitConifer felled.

Hey, you're right.

Now that I've checked your posting history for a reference standard in original, enthralling content I'll have to think twice before posting any nonsense !

Goldman greenlighting BitConifer and opening the floodgates for their clients seems to be the basis for the explosion.

Market possibly starting to anticipate closure of the BitConifer 1-Week MACD bear correction which has been a permanent feature of the trading landscape since the December spike.

BitConifer now manoeuvring up. Appears to appreciate my analysis.

One slight clue as to break-direction which I'm surprised none of you have remarked on is given by the fact that we've spent some significant time consolidating in the highlighted zone.



For historical comparison, lets transport ourselves back to take a look at 2013 BitConifer in order to analyse the anatomy of the post-spike collapse. Some significant distinctions present themselves, in particular:

 • the lack of pre-spike support levels immediately prior to the main rally. These are present in the 2017/18 rally to a greater extent
 • the lack of consistent post-spike consolidation levels and successful retests in a market-nominated stable zone. Again these are more significantly present in the 2017/18 pattern

Even the 3-Day BitConifer is trading channel oriented. OBV does not give any advance indication as to break up vs break down. Dead level.

Markets keeping us guessing. More consolidation needed ? Break down to 4-5k trading range. Off-book orders hovering for entry points ? Break up to 10-12k trading range.

Always expect the BitConifer to keep its cards close to its chest.

Trading into a corner. What happens at the corner ?

More valid.

Answer: Break down.

Acidic descending triangles now getting established. Come back in 2021 or so for the next big leg up.

Bit Conifer trading itself into somewhat of a corner @ $7500 around early June.

Break up or break down ?

That's the theory.

The practice is that most people don't want to buy assets when they are cheap. They want to buy when they are expensive.

Bitcoin is an uncapitalised asset. Thats the reason it gets away with massive multiples of growth in short spaces of time. It will take probably 2-3 decades to get fully capitalised. It's a bath that's in the process of being filled.

Also, most people have no clue how money gets "produced" in the first place - that explains why only a few people get rich of bitcoin and others don't.

Also, people have no idea that until 2009, "internet money" did not exist. They think that because they were paying for stuff on the internet before 2009 that they were using "internet money". But actually they were only a fiat derivative that amounted to no more than electronic smoke signals between banks.

Bitcoin, however, is a capital asset because it is unbacked.

The work "capital" originates from the latin "Caput". Comparing traditional "electronic money" with bitcoin is therefore like comparing a set of house keys with the house respectively, in terms of value. That difference is so huge that it takes people a long time to wake up to the fact, however the "fact" is real, be they asleep or awake.

1. The "global financial meltdown" is already happening. It's just going to result in more debt and more money printing - not these apocalyptic crashes that all the gold bugs are predicting. The central banks have too many ways to sterilise the excess currency now to avoid a 1929 type panic. Look at Japan - they've been in a "Weimar" situation for about 4 years now and they're doing just fine. Things just "mush down" into a mushy bed of QE driven "mush"

2. If I was engaging in "wishful thinking" I sure wouldn't be producing a chart like that. I'm long BTC.

As a previous poster pointed out - it's a bullish chart, not a bearish one. 36 months is not that long a consolidation period considering the growth that's at hand.

That's where the gazillion Tethers printed up out of thin air the other day went then.

Here's how things pan out from here long term: