Heres quick update for bitcoin, first looking on 4 hour chart.
After the pullback of a previous post we are still sitting under that channel I was watching, marked in purple dashed lines. Bitcoin couldn’t rise back into that channel the other day finding that the line which was support has become resistance. However it looks like there is evidence of support from a lower parallel trendline which is quite nice to see. Bullish trendlines. Doesnt’ look like there is upwards momentum for much of a bullrun yet though. We’ll see how long price can find support on that trendline. Might not be that long.
On log price scale, latest chart looks like this
From a quick glance overall trend is still bearish you’d have to say. I had hoped to see more support from line I marked in green which hasn’t really materialised with bitcoin now under that. I wonder if bitcoin may take another dip, can quite easily see it falling to $230 where there might be some horizontal support I’ve marked, possibly even as far as down to $200 where that red trendline is although I wouldn’t really count on it getting down that far..
For now I consider most likely price will consolidate roughly horizontally with some rises and falls along the way.
edit: Just been looking at this thread in the forums https://bitcointalk.org/index.php?topic=1013481 Credit to the poster Wary theres a channel I hadn’t really spotted yet which I can add into the log chart, something like this