Bitcoin price action right now is looking eerily similar to December 2019 when price coiled at the bottom of the channel, except of course the inverse is happening. If this holds true, expect one more spike up to form the right shoulder of a head and shoulders pattern, then a strong reversal.
Of course, it could also be a head and shoulders failure pattern, in which case then it's liftoff time.
Of course, it could also be a head and shoulders failure pattern, in which case then it's liftoff time.
Note
The more I'm looking at it, the more it seems like a key difference in the charts is that December 2019 was more of a horizontal resistance, whereas right now we have a more slanted support trendline that I think has a high chance of leading to a fakeout/stop hunt before a rally.Note
This is playing out pretty well so far. Let's see if we get follow through to the downside.Note
I'd say this fractal played out pretty well. Fakeout is still possible, but I think unlikely.
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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.