Bullish reversal pattern established. Return to long term trend

24 окт. 2018 г.

So if you look at my previous 2014 analysis you'll see that the 2014 fractal was invalidated by the continual support at 6K. Eventually even the biggest of bears like myself have to recognize when there is a trend reversal in play and now is one of those times. There has been no capitulation, but if you look at alts, where much of the new money ended up, those suffered 90% losses across the board, which would constitute a proper capitulation. However, BTC did not dip where many of us expected it to. Each time that there has been a major dump attempt, there has been massive buying activity to keep the price above 6K.

We can't rule out a capitulation from this level yet, but each day that goes by with flat or sideways price action makes this less and less likely.

The October 11th dump was the moment I finally switched from bear to bull. That dump was highly anticipated, and yet there was no continuation. Previous high volume selling after upwards price action have come in 3 waves of very strong selling. In this case, it was just a single massive sell, and a big wick as price bounced off the support and continued sideways.

I am reverting to only very long term charts for the time being as I think this is a reversal of the 2018 YTD trend and a reversion to the long term log trend as shown.