Bitcoin consolidation phase within channel
Updated
I speculate on a consolidation within the parallel channel, forming a handle after 3 year long cup / round bottom
Fundamentals update:
In case of breaking down the channel, I would expect longer bearish cycle.
Fundamentals update:
- Hashrate skyrocketing 2,985,271,637 GH/s
- COIN etf next news in march expected
- India about to ban cash
- Chinese exchanges want to add trading fees
- "Bitcoin Enthusiast Peter Thiel Joins Trump Transition Team"
- Scaling progress: Segwit and Parallel Validation
- Lightning Network ready (needs segwit)
In case of breaking down the channel, I would expect longer bearish cycle.
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daily cloudNote
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“Blockchain technology is an extinction event to traditional financial institutions. Like the dinosaurs, a few will survive by morphing into agile birds at a small fraction of their previous weight and size, but most will just die.”Note
btc hit its first target for this long consolidation move, cant break the old ath here at this time.Note
even if china isnt leading anymore, this chart still shows the importance of the old china ath keylevelNote
something happening in china, charts catching up, 6% up already. Seems like we break the old ATH line and have a large symmetrical triangle
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china catching up and going 5 digits with breaking the 10k cny and is now in uncharted territoryNote
Impressive! Upper channel target hit, breaking out the channel could cause a 2013 style bubble.Note
with withdrawal enabled for chinese exchanges the volume is soaring and so is the price. China trying to reach a new all time high.Note
Bitcoin hitting 30k cny is another milestone as the channel upper line has turned into support and triggered a launchpad.Note
bumping this chart because its good to remember what happens after larges crashs: usually price ranges in the drop range for a while, most times it forms a triangle or another consolidation pattern within the range.
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