Short Term Rising Wedge, Long Term Optimism

10 May 2019

After about 6 months in the doldrums, the bulls have recently broken critical long term resistance and can look forward to the greener pastures on the horizon. There's a rising wedge to navigate in the short term and there's a good chance we'll need to test the support at 5,755USD. However, looking beyond that, I think we're going to see some medium to long term bullish action with the past six months acting as a trend reversal and our new bottom.

(For the lunatics out there, overlaying the fractal of the 1,000USD ATH to the 20,000USD ATH (scaling for price whilst holding time fixed) yields a target of 326,847USD for the next ATH - if you don't believe me, just zoom out.)

10 May 2019

Not

(Looks like the fractal overlay came out way too faint - best to just chart this for yourself since TV doesn't let you zoom the chart out anyway.)