Heres a look at bitcoin again, using Bitstamp data with 4 hour candles.
We can see that since the low in October price has been quite volatile with some big peaks and dips however each peak and dip higher than the previous. This price action seems to have formed quite a nice bullish channel, marked with two green trendlines. The obstacle to the next bullish price move is that top red trendline which has provided resistance for a long time now, going back to roughly when the all time high price collapsed in fact.
That upper resistance line is where I expect the top of a wedge to occur which i marked in bold, lower green line will be supporting the bottom of the wedge. I won’t be suprised to find the price confined within that wedge for most of December but then should be resolved by the end of the year! And up up and up (maybe wishfull thinking)
According to my log chart prediction price will resolve down from that wedge, but actually not fall far but will be more like dragging along horizontally. Here it is again, log chart with 1 day candles
After the price reaches the bottom of that channel, maybe early next year, then the big moves up up and up! 🙂