i previously made a chart (spring 2019) with this trading range. obviously in 2017 we went parabolic and broke it, before falling back inside. at the exact edge of my channel we broke out and are now moving up - BTC is alive and well. looks like if we can continue along this range, assuming no parabolic upwards break, we can reach previous ATH of 20k in the 2nd half of 2020.
Note
In late August BTC completed a h&s pattern with the top of my channel as a trendline. The structure led to a drop that fell exactly to the bottom of the channel from which a forceful bounce was created. I feel very confident in this channel given the way the structures are moving within its boundaries. I would hope that we consolidate and move onwards to fight the 9.3-9.5k range. If we can break it and form a higher low, I would be very bullish. Until then, practicing skepticism and accumulating at lucrative dips.
Note
I wanted to make a post this morning about how 11.7-11.9k via the .618 was the next stop, but I wanted to wait a bit, as that jump seemed quite a far stretch for now. But now its looking like a real possibility in the short run.
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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.