THE BITCOIN CONUNDRUM
Updated
Wondering when Bitcoin will Moon or Doom? Here we look further out to the monthly and history of bitcoin since 2011. Do note looking this far back is for major swing and position trades.
We have an ascending channel along with a symmetrical triangle. Until Bitcoin finishes this pattern we wont be doing much except bouncing inside the triangle. This creates excellent buy and sells for large swings that can last months. Triangle reaches apex towards and past the ascending channel formation.
The scenarios depend on a breakout or breakdown. Triangle reaches the ascending channel support at the end of 2021 which could mean another year and a half of this pattern before it makes a major move against these patterns. That continues into 2022. Most ascending channels are bearish in nature and look for a breakdown and pull back. If so, the next major resistance is at the high of Bitcoin's first run at 1,100 range. A breakout upward from the triangle takes us to test former resistance lines all the way to the ascending channels top resistance line which will be a major area to open shorts.
As bitcoin price reaches support and resistances, look for reversal indicators to make choices on setting longs and shorts. May be opportunity for another short or two and a long before we start reaching the triangles apex.
We have an ascending channel along with a symmetrical triangle. Until Bitcoin finishes this pattern we wont be doing much except bouncing inside the triangle. This creates excellent buy and sells for large swings that can last months. Triangle reaches apex towards and past the ascending channel formation.
The scenarios depend on a breakout or breakdown. Triangle reaches the ascending channel support at the end of 2021 which could mean another year and a half of this pattern before it makes a major move against these patterns. That continues into 2022. Most ascending channels are bearish in nature and look for a breakdown and pull back. If so, the next major resistance is at the high of Bitcoin's first run at 1,100 range. A breakout upward from the triangle takes us to test former resistance lines all the way to the ascending channels top resistance line which will be a major area to open shorts.
As bitcoin price reaches support and resistances, look for reversal indicators to make choices on setting longs and shorts. May be opportunity for another short or two and a long before we start reaching the triangles apex.
Note
Breakout it was! We see we retested the top of the triangle as support and now have the potential to test the ascending channel. If we go back below that, stop-loss your comfort % below the new support to keep a low risk long in play.Trade closed: target reached
Just forgot to update. We been scored on this
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