Shown above, the the grizzly chart in log price scale. The beloved Bitstamp log channel isn’t holding. Who’d have thunk it ?
Heres similar chart with linear price scale against my familiar trendlines.
I hate being bearish bitcoin but at the moment its not looking great, that log trendline was quite an important line in the sand which is now breached.. Will there be support on bottom of pink channel at about $550 ? Can hope so but I think it could go way bit lower now, might head down towards levels I’ve shown with blue horizontal line. Part of reason for that thinking is suspect head n shoulders pattern just about completing.
On bright and shiney side gold and silver are headin up!