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?
Note
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.