Get started

Parallelchannels

Bitcoin Channels & Price ActionBitcoin is currently in an ascending consolidation channel, breaking down each of the last 4 times. Given BTC's consistency/tendency with ascending & descending channels, expectation is to see $BTC price breakdown as inflation reporting and FOMC draw nearer. Pretty straightforward approach to assess $BTC price/direction. Once PA sets a consolidation channel, determining channel preference (ascending or descending), price action assessment is simplified. If Bitcoin is in an ascending channel, price typically breaks down as it comes our of the channel's range. Conversely, descending channel consolidation results in price breakouts. Interesting side note, both rallies resulting in ATH's in 2021 also resemble relatively consistent head & shoulders patterns.
INDEX:BTCUSDShort
by R0MM3LL
2
Bitcoin Looking Bullish !!!!!Let's start with the parallel channel formed since Jan 2022 (Red parallel channel). BTC has been moving within this channel till now. Important to notice is the Orange downtrend line breakout (orange circle) and then retest at the trendline yesterday (7/04/2022). Next, notice the short term bullish flag forming (blue bullish flag). BTC showed some bullish momentum when it made the 2nd bottom touch in the bull flag, retested the trendline and bounced back up. If BTC maintains the momentum and can break out of the short term bullish flag, Major resistance at 48k and then the parallel channel we can see a massive pump towards 56-58k. Watch out for the massive resistance and pullback if we reach there. This is not financial advice please DYOR
BITSTAMP:BTCUSDLong
by CryptoCafeClub
3