cryptographic1

Broken linear downtrend line, bounce, consolidation, test log DT

Largo
BITSTAMP:BTCUSD   Bitcoin
5
This is a revised version of the chart I published a few days ago. Scroll over to look at the similarities to last May. Short term I think we could retrace to bounce another time off the linear-scale downtrend line (resistance-turned support) at around $235 on March 4-5. Second bounce might not happen though. Then a few weeks of consolidation followed by a break up to test the log-scale downtrend line at about $310-320 sometime at the end of the month.

Target after bounce, shown on log chart. Should break up to test downtrend line, which will coincide with the peak at 305-310
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