Note: Amateur/rookie opinion.
BTC/USD log scale used to give the perspective of market run from beginning to til end of 2017 and up until now thus far.
Fundamentals:
-All alts pegged to BTC, mover of the market on a whole for now
-The market is way more mature than what it was at the end of 2013, we have way more exchanges and projects emerging everywhere in the world centralised and decentralised
-Public and institutional awareness has risen and advent of ICO method of acquiring funding and tokenising utility function into Dapps is innovation on itself
-Poloniex has been bought by Circle, invested using funds from Goldman Sachs, Baidu and Jim Breyer i.e. big institutional money could very easily pour into the market at any moment. Although will it rush in now at this moment or will they i.e. many crypto bots, whales and other institutional players in the shadow push the market down further before buying back in?
Technicals:
Numerous Tradingview analysts have already pointed to what seems like an inverse H&S as well as a cup and handle pattern
Volume confirms H&S pattern
Daily MACD (not shown) seems bullish if movement above signal line is achieved
RSI and Stochastic RSI are neutral, price might drop to form miniature triangle before breaking up
On linear chart scale, 50 day EMA and 100 EMA have converged, need 50 to briefly cross below or inflect up
Price needs to break downward trendline and horizontal resistance at wave 3 round 11700 (as drawn, not necessarily correct wave count) to allow bullish sentiment to return otherwise potential bearish continuation to round 3500-4300 $/BTC. Swim or sink moment.
Personal Verdict:
Neutral. Patience, need to watch whether market will make decisive move upwards or start neutral trend fractal, also somebody out there probably knows the outcome already, only time will tell if the bull-run continues
To view original article on Tradingview:
https://www.tradingview.com/chart/BTCUSD/GYknQ4gy-BTC-Pivotal-Moment-log-scale-view/
Affiliate link gets one 10% off fees on BitMex: