Not entirely unexpectedly price didn’t find much support above the long term channel and now we are back down inside the long term channel. (My previous post shows what I mean by ‘long term channel’).
Price is now dropping and at the time of writing is now down below $80 US. Its anybodies guess where the price will drop to ultimately before this correction is over. I’m guessing we’ll be visiting the bottom of the channel. So heres my guess on a 1 year log chart which I’ve extended a few months into the future
I think ultimately support will be found on that lower trendline. In my picture above I’ve estimated we could hit that trendline in September when price would be somewhere just below $50. I’ve imagined finding support around $50 for a while, where the midpoint of the trendline is. Obviously this is a total guess but from the technical picture it’s now pretty hard to see another bull run taking off from this level. I might be tempted to start accumulating some more bitcoins below $50.