BTC/USD - 8 years CHANNEL UPDATE 2
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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
I have already analyzed the macro-Bitcoin scenario on July 2022, then on January 2023 and lastly updated it on March the 25th (see linked ideas) and so now I'm now going to focus only on the last 4 months.
As you can see, we again were right, and prices bounced back from the lower boundary of the seven years channel (violet line) and from the strong previous level at round-psycho price of 30k.
This correction took the form of another Channel which seems to be a standard way for Bitcoin price to develop.
The good news here is that the Head & Shoulders neckline (yellow line) + the 200 days EMA + new up slanting trendline all acted very well as support (red circle). Now the price is again dealing with the strong previous psycho-level at 30k but, this time, it is consolidating just above it in the form of what seems to be a small Rectangle/Flag (continuation patterns).
The H&S as bottom reversal, the perfect Channel correction, the small Rectangle congestion along with a perfectly tested trendline are all signs of healthy uptrend.
My only concern here remains how the prices will react to the next test of the lower boundary of the violet seven years Channel (white circle). To really establish a durable uptrend, prices must breach it confidently so we can think that the Channel is part of the past.
Lastly, in case the violet lower boundary of the Channel proves to be strong, the pink dashed line delineates a possible Head & Shoulders Top but (as I said at the time for the yellow H&S), at this point, this is pure fantasy or at least a simple conjecture.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
I have already analyzed the macro-Bitcoin scenario on July 2022, then on January 2023 and lastly updated it on March the 25th (see linked ideas) and so now I'm now going to focus only on the last 4 months.
As you can see, we again were right, and prices bounced back from the lower boundary of the seven years channel (violet line) and from the strong previous level at round-psycho price of 30k.
This correction took the form of another Channel which seems to be a standard way for Bitcoin price to develop.
The good news here is that the Head & Shoulders neckline (yellow line) + the 200 days EMA + new up slanting trendline all acted very well as support (red circle). Now the price is again dealing with the strong previous psycho-level at 30k but, this time, it is consolidating just above it in the form of what seems to be a small Rectangle/Flag (continuation patterns).
The H&S as bottom reversal, the perfect Channel correction, the small Rectangle congestion along with a perfectly tested trendline are all signs of healthy uptrend.
My only concern here remains how the prices will react to the next test of the lower boundary of the violet seven years Channel (white circle). To really establish a durable uptrend, prices must breach it confidently so we can think that the Channel is part of the past.
Lastly, in case the violet lower boundary of the Channel proves to be strong, the pink dashed line delineates a possible Head & Shoulders Top but (as I said at the time for the yellow H&S), at this point, this is pure fantasy or at least a simple conjecture.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
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