In my quest to learn more, I have decided to keep posting more ideas. You are welcome to join in & share your thoughts :)
Previous post I had the major resistance line shown 'wrong' as I was not working on log scale. Thank you all for commenting, I have learnt another valuable lesson! I have to say though it is still difficult for me to know when exactly to use one or the other, I guess anything beyond a 150% fluctuation?
Anyway I have updated my chart with new resistance and support lines and have applied an triangle corrective wave to have a better idea of how BTC could behave. So far BTC seems to be following a 3-3-3-3-3 wave structure within a converging triangle. Most of Alts have had great gains in the last two weeks without any major correction so I suspect there is still room for upward movement towards $8500-$8900 before BTC hits the major resistance line. I think by then most Alts will enter into wave 2 (corrective wave).
Let see how this works out :)
My previous idea is now irrelevant. As for now I think we will move sideways for a few days to build up confidence and get ready to test new resistance zones.
Exciting times to come for sure! This could get pretty wild! :)