Bitcoin. Two global channels and three scenarios
Updated
Analyzing BTC I noticed that he has 4 global trend lines that form two channels. The upper trending line of the black channel combines two global highs. The bottom line of the black channel is a glorious support that holded the bitcoin in 2015.
The upper trend line of the blue channel is the support of the BTC, which he broke through in 2015. The bottom line is constructed proportionally and is now supported. At the peaks of the BTC at the end of 2017, these two lines came together. Therefore, in order to determine which channel BTC moves, it is necessary to pass 2 critical points. The first critical point is now. If the blue channel is not broken - the BTU will grow to $ 150,000-175,000. If the blue channel is broken - we are waiting for the correction to continue to 3700-4700 $
The second critical point is the upper trending line of the black channel, which forms the wedge in the price zone 30000-50000$. If we do not brike the black channel - we will also expect a drop of $ 7,000-8,000. Dynamic Fibo channel is built around the boundaries of the blue channel and works well.
The upper trend line of the blue channel is the support of the BTC, which he broke through in 2015. The bottom line is constructed proportionally and is now supported. At the peaks of the BTC at the end of 2017, these two lines came together. Therefore, in order to determine which channel BTC moves, it is necessary to pass 2 critical points. The first critical point is now. If the blue channel is not broken - the BTU will grow to $ 150,000-175,000. If the blue channel is broken - we are waiting for the correction to continue to 3700-4700 $
The second critical point is the upper trending line of the black channel, which forms the wedge in the price zone 30000-50000$. If we do not brike the black channel - we will also expect a drop of $ 7,000-8,000. Dynamic Fibo channel is built around the boundaries of the blue channel and works well.
Note
on my global chart the price broke an important trend line. If a weekly candle does not close above $ 7,000 - BTC will continue its falling much lower ...
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