Bitcoin Bull Market Structure (Oct 2020 - Present)
The 8hr timezone shows the moving average acting as a reliable support during upward momentum phases (Green). The yellow boxes indicate the times when price holds the moving average as support. Orange boxes indicate where the majority of the candle body shape closes below the trend shifts from upward momentum towards consolidation. Currently we have broken out of our most recent consolidation phase in the form of an descending triangle. We could be waiting a while yet for Bitcoin to reach it's local high seen in January as this pattern 'breakout' trendline is not horizontal and so there technically is still at least 3 lines where price could see resistance.
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.