I think this chart is as clear as can be. We have been in an EXTREMELY well defined channel for all of 2017. 5 near perfect hits of the top trend line and a very clear EW impulse pattern. If a lot of people consider Bitcoin to be a commodity (not that I agree), the 5th wave being the longest has a lot of historical precedent.
Add to this, the gentle downtrend in the RSI and the fact that every higher high and higher low in Bitcoin has been accompanied by a lower high and lower low on the RSI. I believe this negative divergence lends credibility to the idea that we are about to hit the 5th wave top and have a major correction that breaks the lower trend line.
There are no guarantees in life or Bitcoin so I will be trading this solely based on how the reality evolves with relation to these trends. If I were a betting man (and I am), I would call for 2 more touches of the top trend line (for a total of 7), by Nov 16 followed by a frantic fall to the lower trend line, bounce off it before falling through it (maybe stopping right above 3000).
Add to this, the gentle downtrend in the RSI and the fact that every higher high and higher low in Bitcoin has been accompanied by a lower high and lower low on the RSI. I believe this negative divergence lends credibility to the idea that we are about to hit the 5th wave top and have a major correction that breaks the lower trend line.
There are no guarantees in life or Bitcoin so I will be trading this solely based on how the reality evolves with relation to these trends. If I were a betting man (and I am), I would call for 2 more touches of the top trend line (for a total of 7), by Nov 16 followed by a frantic fall to the lower trend line, bounce off it before falling through it (maybe stopping right above 3000).
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