Fact is that in channels we are moving from bottom to tops. And as we see we moved from point 1 to point 2. Next we moved from point 2 to point 3. After that we started our journey from point 3 and seems to be natural according to channels nature that we are aiming to the point 4.
I observed a pattern in shape of loop or hook in early bitcoin stages (color magenta) and it also happened during price way from bottom to top of channel more or less in the middle of it. Like bitcoin wanted to take breath to achieve top of channel.
Now we are in a very similar place and there is a chance or even sense to pattern be repeated.
There are many talks that bitcoin is going to $2000. And of course it is possible technically - price can drop to bottom of channel.
IMO it is as much possible as bitcoin go up as we have plenty place in channel and we are in mode since born of bitcoin in this TF.
This analysis is not to tell you if we go to 3k or 100k NOW. As I am not wizard and can't predict MT GOX SELL OFF manipulation or fight with BARKING NEWBIES SHOUTING BTC $2000. We will se how market will adjust to it.
BUT FOR SURE I CAN TELL YOU THAT WE ARE MOVING IN HUUUGE HISTORIC CHANNEL AND RIGHT NOW WE ARE ON OUR WAY FROM BOTTOM (3) TO TOP (4).
WILL WE DRIVE TO BOTTOM OF CHANNEL DURING OUR LAAARGE JOURNEY TO POINT 4 ? MAYBE BUT I THINK WE ARE JUST SHAKING OF WEAK HANDS RIGHT NOW.
IN 2013 IN HIGHLIGHTED MAGENTA PATTERN WE MOVED UP 24 TIMES. AND IF WE WILL MOVE UP 24 TIMES UP FROM LAST LOW $ 6 K ( CURRENT MAGENTA PATTERN) WE WILL ACHIEVE EXACLY TOP OF CHANNEL ON $ 144 K.
W PATTERN ? TARGET $10400
BROKE UP TRIANGLE ON LOG WEEKLY.
AND ON AUTO SCALE BROKE UP MUCH EARLIER.
SO WE HAVE CLEAR BREAK OUT.
BUT DAILY IS HOT AND EXPECT SOME COOL DOWN.