On the 14th we saw Bitcoin breakout above $9,000 and on the 17th it passed $10,000. As BTC is pulling back from the $11,000 plus area I question if this is not the end to the bear market or if this is a healthy short term (weekly) contraction for further upwards movement.
Breaking our recent monthly high would signify BTC means business and could head to $15,000 which is our outlying resistance for the monthly channels. As you can see below BTC will need to break this "lower highs" trend. There appears to be a lot of downwards momentum since the peak in December and for this to happen it would mean we're all heading back into bull territory.
6 Hour Bars Monthly Channels (With drawn trendlines)
The big picture view shows that if this move does happen up to $15,000 within the next month or so it would appear to be quite a sharp reversal. So if the market proves how truly fast it takes to reverse and it could lead to all time highs for 2018.
1 Day Bars Yearly Channels
If BTC does not pass the monthly high and downtrends then we would probably see a move down to $6000 and then one last battle of weakness down to $3500. The bottom drawn trendline on the monthly channel chart indicates that $3500 is where the price can bottom making a "lower low" in the down trend pattern.
6 Hour Bars Monthly Channels
In the bigger picture we see BTC's 2017 parabolic move come all the way back down to its outlier yearly support of 2018 which wouldn't you guess it, $3,500.
1 Day Bars Yearly Channels
Of course this isn't the end of the world if we drop down near $3,500 but this could be a great opportunity for a huge yearly bounce. As far as all time highs being made within the year if BTC goes to $3,500, I think it is questionable when you look at the chart but in the real world there are so many people waiting buy into this market. Billions of new dollars being pumped into the market could propel us beyond $20,000 even so if we hit $3,500.
What are your thoughts on the current condition of the market and where do you see crypto as whole heading for the rest of the year?