The parallel channel shown on the graph has been around since Oct 2020.
Looking back we can see that the top of the parallel channel has acted as resistance and the bottom has acted as support
The TA rules for a parallel channel specify that movement out of the parallel channel is a multiple of the channel width .
This part is interesting because if this parallel channel is cloned the top of the channel becomes the ATH BTC reached at 67k
if this Parallel channel is cloned below then we get the following setup and the bottom of the channel is shown acting as resistance
Looking back we can see that the top of the parallel channel has acted as resistance and the bottom has acted as support
The TA rules for a parallel channel specify that movement out of the parallel channel is a multiple of the channel width .
This part is interesting because if this parallel channel is cloned the top of the channel becomes the ATH BTC reached at 67k
if this Parallel channel is cloned below then we get the following setup and the bottom of the channel is shown acting as resistance
Note
if the parallel channel is cloned again at the bottom of the chart then it shows that BTC has actually bounced off the mid-line of the channel and the mid-line of the channel acts as support.
Note
Currently BTC is sitting below the bottom of the last parallel channel which is acting as resistance 
Note
My interpretation of this setup is that if BTC fails to move up its going to drop 19293 and if that fails to hold its going to move to the bottom of the parallel channel at 16k .However ......
if instead BTC moves up then its going to move to the middle of the next parallel channel up which is at 28K
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.
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.