Looking at BTC and noticing the recurrence of the parallel channel breakout pattern, makes me wonder if we are about to see a significant impulse higher above $60k?
Looking at the similarities to the periods of consolidation within the three pink parallel channels and you might notice the following:
What do you think, will the Parallel Channel Breakout repeat? Or, is a 44% gain from the September 21 low all she wrote and price has turned back towards a new low?
Looking at the similarities to the periods of consolidation within the three pink parallel channels and you might notice the following:
- Bollinger Bands broadening – from a squeeze and price peak above, the Bollinger Bands begin widening.
- Volume declines – as if buyers are unconvinced of the direction, anticipating a deeper correction until someone steps in and volume spikes higher.
- MACD widening – the MACD resumes a bullish bias with the short term MA widening above the longer term MA.
- Fibonacci Projection – in the previous two cases, the price impulse rallied to 4.382x of the depth of the channel. This could see a rally upwards to $64k should it repeat.
What do you think, will the Parallel Channel Breakout repeat? Or, is a 44% gain from the September 21 low all she wrote and price has turned back towards a new low?
Nota
I may have been a little trigger happy on the fractal, but another completed iH&S as price closes above the channel again and it looks like $63k is coming.
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.