A lot of people likely share in the sentiment that Bitcoin's continuing price rise is seeming a bit long in the tooth (due for a deep correction) and I believe that they're right. I even have some technical analysis (TA) to show it!

Log Chart, 3-Day Candlesticks of BTC/USD (Bitstamp):

https://www.tradingview.com/x/YPoQdAN4/

Note that I used a logarithmic scale for price -- I did this for a reason (more on this, later).

The two important pieces to take from the chart above are the 1.618 fibs extension level (red dotted line near the top of the chart) of the last large scale price correction and the logarithmic price channel (black lines on the upper and lower sides of the price swings).

The 1.618 fibs extension level, or the 161.8% move from the bottom of the price swing in question, is a well known and tested, statistically significant resistance level to price swings. It has shown through the test of time to be a high odds pivot point to future prices. Of course, nothing is a guarantee with TA, but it's always a good sign to have one or, preferably, more "strong sell signals" in the case of looking to take profits and this fib extension level is one such signal.

Now onto the price channel. If we were to look at BTC/USD on the arithmetic scale, we wouldn't notice such a clean and clear picture about the relationship between price lows and highs (pivots). Notice how the top of the channel catches almost all of the major swing highs and the bottom channel all the major swing lows. Now look at the arithmetic chart below for comparison.

Arithmetic Chart, 3-Day Candlesticks of BTC/USD (Bitstamp):

https://www.tradingview.com/x/t8DD4xfk/

Notice how the best fit price channel on the arithmetic scale decently catches the lows (although not at all since the start of 2017), but isn't so reliable for catching tops. Not so helpful.

But the logarithmic price channel IS helpful. There's a very obvious pattern that has developed and it's telling us that price is likely to put in another top.