It turns out the log scale is holding precedence over normal btc charts at this current time. For what seemed to be a very optimistic time for everyone who thought we were out of the downtrend on the regular scale, has quickly realized things are not so simple. Btc has more falling to do, the V shape recovery that we have been doing has been something out of a movie or a dream. In the long run this type of recovery isnt healthy for the growth of bitcoin. If we want to go on another bull run that completely engulfs the last, we are going to have to fall more and gradually build like the previous parabolic curve but on a longer and bigger scale.
The trend is still bear, as confirmed by the recent kiss and plummet from our top downward trendline. I believe this is wave 5, and after the completion of this wave we can be sure we have hit bottom and set ourselves back to being bullish. until then, short every bounce upward to profit and increase your capitol for when the real bottom hits.
Im expecting a bottom anywhere from 3k-5k. however a double bottom would be more than ideal aswell.