Charts represent people’s behavior, their reaction on the news, and all information about this market.
When someone tries to present it as secret information, I want to tell you - don’t be so naive! In trading, there are no secrets. This is a chart pattern which you can see in any market and any timeframe. And if you know Technical Analysis - for you it won't be a big clue. It will be just one of possible trading setups with an exact trading opportunity.
The weekly timeframe provides a pennant chart pattern. It belongs to a continuation group of pattens.
How does it work? The market moved upward. After some time, it needed to take a break. The price moved in sideways, and this period we can call like consolidation. Any consolidation leads to a new price movement. The same goes for Bitcoin and the weekly timeframe. We have to use this pennant pattern in the right way. In order to get a confirmation for this pattern as continuation one, the price will have to break the upper line of the pattern. If so, we will get a good bullish signal based on the pennant. At the same time, the daily chart will provide us the same buy signal, but it will be based on the breakout from the triangle.
In trading, there are no secrets. There are knowledge and experience which you have to use with different types of tools. They help you to understand the market movements and possible trading opportunities.
Thank you very much for your interest to my work! If you have questions, just leave them in comments! The same goes about sharing your opinion about Bitcoin! I will be glad if you support my work by your likes!
@Lamalight, but for making profit it is better to push the price to 20 000 than to 6000 or even lower. So, big players must be interested in the bullish run too.
HiasFiat
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@DLavrov, you're right if you mean the BTC "whales", but there are also $ "whales", they love leveraged short futures in low-volume markets...
WorldEconomics
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@DLavrov, Fidelity and Bakkt aren't as big as CME Group in 2017, and in fact, that was one of the two main reasons that pushed Bitcoin to $19,800. There is not much reason to believe Bitcoin would break $19,800 as people aren't investing in it as a safe haven nor is there mass adoption. I believe most of this is hype, but, hype too could push up Bitcoin.