As you can see from the main chart, we have been trading in an upwards parallel channel from the time we made a bottom at 15K. Market Structure remains bullish as long as PA remains in this structure, but the upward channel is a bearish pattern which tends to break to the downside. So, keep an eye on the lower channel a break below that on Daily timeframe will confirm the downtrend.
But below we also have two massive bullish structures:
This is a parallel channel to the facing down, which indicates Bearish Market Structure on Macro scale, but is a bullish pattern which tends to break to the upside any closure above this channel on Daily is Macro bullish for BTC.
Following is what we get when we combine both the channels shown above:
We are at a remarkably interesting location, right at the intersection of the top of the downward channel and bottom of the upward channel. A major decision is about to me made about BTC's near future.
Following is another bullish structure for BTC on macro. We are looking at inverse Head and shoulders. Highlighted in the yellow box is the neckline of the structure which can be tested if BTC is to break below the triangle on Daily. If the BOX is held as support, it's very bullish for BTC and we can resume the uptrend towards mid 30Ks to 40K.
The Yellow BOX target also agrees with the Targets I put forward in a previous post using Gaussian Channels. So, it's a high probability zone for bottom formation. Link to the previous post attached below:
I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned and if you like my content and would like to learn from my experience hit like and follow me for getting notified on my trade, market projections and several upcoming tutorials on technical analysis and several technical Indicators. You can also leave a comment and let me know if you want me to analyze any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
But below we also have two massive bullish structures:
This is a parallel channel to the facing down, which indicates Bearish Market Structure on Macro scale, but is a bullish pattern which tends to break to the upside any closure above this channel on Daily is Macro bullish for BTC.
Following is what we get when we combine both the channels shown above:
We are at a remarkably interesting location, right at the intersection of the top of the downward channel and bottom of the upward channel. A major decision is about to me made about BTC's near future.
Following is another bullish structure for BTC on macro. We are looking at inverse Head and shoulders. Highlighted in the yellow box is the neckline of the structure which can be tested if BTC is to break below the triangle on Daily. If the BOX is held as support, it's very bullish for BTC and we can resume the uptrend towards mid 30Ks to 40K.
The Yellow BOX target also agrees with the Targets I put forward in a previous post using Gaussian Channels. So, it's a high probability zone for bottom formation. Link to the previous post attached below:
I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned and if you like my content and would like to learn from my experience hit like and follow me for getting notified on my trade, market projections and several upcoming tutorials on technical analysis and several technical Indicators. You can also leave a comment and let me know if you want me to analyze any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
