The last 3 months plotted on a log price scale shows us that really the steeper lines I’m starting to draw in on my 10 day charts are really just a progression of the same channel we’ve been in all through this bull run which started in January. The trend lines are getting steeper and steeper simply because the price is increasing logarithmically. On this log scale the orderly progression upwards is revealed.
The charge towards $50 caused the price to bust out the top of the channel but the resistance we’ve encountered there since then has pushed us back down back into the channel again. The very bottom of the channel has been tested twice with brief spikes down which rebounded very strongly and very bullishly.
I feel that this resistance near $50 will hold perhaps as long as to the end of March but ultimately be breached and much higher prices are on the way. During the rest of this month, the price may fall down near the bottom of the channel again, currently near $40 but the relentless upwards pressure will soon have us above $50 anyway.
I wouldn’t want to be a bitcoin bear right now.