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Bearish BTC - Confluence of Methods (Update)

BITFINEX:BTCUSD   Bitcoin / Đô la
Fib spirals, Fib extensions, HVF all target the long-term support line.

Projected target is about $2600 - $2800 late May/early June.


Forcing Fib spiral through that zone of confluence results in several possibilities for the next high.

1. Pink: Lower high within the down trendlines
2. Orange: BO from the down trend and lower high beneath the all-time high log trendline
3. Purple: Breakout from the all-time high log trendline (exit the bear market)

At this point I favour bearish continuation with a lower high in the pink zone.

nb this is the updated version with correct placement of the next high for spiral 5
Bình luận: So far, the 5th spiral has stayed true to the trend and we are about to find out what happens: do we break out of the ATH trendline, or come down for further lower highs?

These would need to correspond to 2017 highs X & Y.

I don't know if the circle itself is a target. The more i think about it, the less convinced I am that spirals are related to it. However, the HVF and Fib extension targets are still legit.

Anything more is a guess at this point.