BTC: My hypothesis

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I see a lot of people still saying we're in a bullmarket and that the bullrun has begun. Well, to have a proper bullrun, you need an uptrend. We are still in a downtrend. I will not make any long plays until we break the downtrend line in the logchart as seen here. It is now currently at 8.5-8.6 give or take. IF we can break this with conviction I will reconsider my position, however, we are also forming an ascending wedge, so I will not be surprised if we break down from these levels. Pay attention to the price targets in the chart! RSI and Stochastics also need to cool off a bit.