BTC bottom prediction - Rising channel, fibs & inside pitchfork
Based on this chart we can clearly see that BTC is currently inside an upwards channel.
Touches on the ends of this channel always resulted in big legs up or big legs down, which always bottomed out where the descending wedges intersect with the bottom of the channel and the 50% fib level.
When we found support on the bottom of the channel and above the middle line of the wedge, a big run up has always followed.
To further support this idea, I drew an inside pitchfork originated from where previous bear market turned into a bull run. I used the 0 (median), 0,5 and 1 fib levels for this.
Touches on the ends of this channel always resulted in big legs up or big legs down, which always bottomed out where the descending wedges intersect with the bottom of the channel and the 50% fib level.
When we found support on the bottom of the channel and above the middle line of the wedge, a big run up has always followed.
To further support this idea, I drew an inside pitchfork originated from where previous bear market turned into a bull run. I used the 0 (median), 0,5 and 1 fib levels for this.