Bitcoin Channel
Updated
I drew a channel including bitcoin price history starting from 2013 till today.
The upper boundary is touching 2013 and 2017 market tops, meanwhile the lower boundary clearly defines the uptrend bitcoin is maintaining since then.
Nothing new.
What I added is the orange mid-line, which is not at the EQ level, just a bit higher. Its position is arbitrary and it's been placed there because it represents an important level for bitcoin.
Historically, once bitcoin crosses that level it starts accelerating and subsequently reaches a top or it confirms the bearish trend the price action has entered in.
Each time the mid-line has been crossed upwardly it resulted in approximately a +310% move for bitcoin in the following weeks.
Bitcoin finds itself at that crossroad right now, and I think this is one more reason why it's finding so much resistance at the 60k tag. Once taken with conviction I think we'll see fireworks.
A +310% from here, given the channel slope, gives us a bitcoin price of ~220k by June 2021.
The upper boundary is touching 2013 and 2017 market tops, meanwhile the lower boundary clearly defines the uptrend bitcoin is maintaining since then.
Nothing new.
What I added is the orange mid-line, which is not at the EQ level, just a bit higher. Its position is arbitrary and it's been placed there because it represents an important level for bitcoin.
Historically, once bitcoin crosses that level it starts accelerating and subsequently reaches a top or it confirms the bearish trend the price action has entered in.
Each time the mid-line has been crossed upwardly it resulted in approximately a +310% move for bitcoin in the following weeks.
Bitcoin finds itself at that crossroad right now, and I think this is one more reason why it's finding so much resistance at the 60k tag. Once taken with conviction I think we'll see fireworks.
A +310% from here, given the channel slope, gives us a bitcoin price of ~220k by June 2021.
Trade closed: stop reached
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