ACH USD ascending triangleAscending triangle completing. Big reversal incoming based on the pattern.
A breakout of 0.0512 could propel this to ATH. Might take a few months before it's ready. Good to keep an eye on
Achlong
Clear the way for ACHI'd like to give a little update on our friend ACH. From the lows, we can see there are several spikes in price action. It started in late December 2022 where there were two quick spikes when price discovery was near the lows.
Then things got really interesting. Here's what I love about crypto and alts in particular, the spikes that you typically see are followed by more sell offs. Take a look at October 14 for example. We can see a big spike that lasted roughly a day and it was followed by a sell off that led to new lows in early November.
So far that is not the case for ACH. Now certainly the market can take a downturn at any time and it probably will. I'll update the count as the price action evolves, but as of right now, we've gotten above some significant resistance, including that resistance from October 14 2022.
Additionally, we saw similar spikes on January 16 2023 but the difference this time is it did not lead to new lows. It actually led to another local high and then, as I previously mentioned, taking out the important resistance from October, which we are still above.
If this EWT count is intact, we should see a further pullback to at least 0.0166 before moving higher into at least 0.027 but more likely we will reach 0.031.
As with anything related to technical analysis, things can and do change often. I'll keep track of this count here on TradingView for my followers that are interested. There will be several trading opportunities coming down the road if you are not an ACH holder.
Is this the best place to enter? I'd say no. There are better places to find a well risk managed entry so be patient and wait for BTC to correct a little bit.
