Here's the weekly.
As I said in previous post...price left 90...a major demarcation point in price as price before this time mainly stayed below 90 with several attempts at breaking it.
So...it boke 90 and has since run all the way to 240...that's a move of 150 degrees. It has done this in 75 weeks. 150 divided by 75 gives a rate of rise of 2. Technically, if it bothers anyone that I am a notorious zero lopper offer, it has moved 1500 points or degrees...1500 divided by 75 yields 20. It's really up 20 per time period. Deal with that however you wish. It's a 2x1 to this zero lopper.
A 2x1 trendline. I measure this trendline and then laid it in place from the bottom at 90. Notice how price skirted this line from the time frame of 8-18 to 3-19.
I did not fit the line to the picture. I measured the line and laid it in place...that price skirted this line on the way up is not a function of just placing the line to fit the chart. The line was always there...price worked to it. Proving the value of measured geometrical lines...you decide.
So price has now hit the 2x1 from the underneath side yet again. I see these patterns regularly...they usually portend a reversal.
Do I think that because the geo lines are in place as they are that somehow the supply/demand equation will change with either more supply or less demand? No. But I do think the price is in an overbought and highly exaggerated price created by traders...ridin the wave.
Sooner or later, if they want to profit from the ride, they have to sell. Is this the place? Who knows? It's a place, geometrically measured, where I have seen price turn before.
Let us see, in time.