All other potential higher-time-frame structures -- bullish or bearish, including the long-term logarithmic trendline -- have now been obliterated by today's dump. Barring a really major move up over the next three days, this is the last possible higher-time-frame pattern: a massive descending triangle that would, sometime late next year, return Bitcoin to late 2015 price of around $350.
What's very notable -- and quite disturbing -- is that that is the very same point when overall weekly volume started to decline: late 2015 when Bitcoin was around $350 (!!). This move would essentially confirm Bitcoin as a failure and scam: nothing more than a pump and dump scheme for whales and exchanges. Now -- it's not like that would be surprising, but it's the move that would confirm it for me.
The only hope I can see here is that we will soon be printing a huge bullish divergence on the weekly RSI between the 2018 bottom and this bottom. That's it... and it's a bullish divergence that would take months to confirm.
What's very notable -- and quite disturbing -- is that that is the very same point when overall weekly volume started to decline: late 2015 when Bitcoin was around $350 (!!). This move would essentially confirm Bitcoin as a failure and scam: nothing more than a pump and dump scheme for whales and exchanges. Now -- it's not like that would be surprising, but it's the move that would confirm it for me.
The only hope I can see here is that we will soon be printing a huge bullish divergence on the weekly RSI between the 2018 bottom and this bottom. That's it... and it's a bullish divergence that would take months to confirm.
