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Parallelchannels

HBAR / BTC Weekly Parallels, Potential Targets, Dec Week 1 or 2Was playing around with a new idea for HBAR / BTC weekly chart here and decided to share: HBAR has been in two different parallel channels on the weekly: Red Parallel: started with our first move up, has weakened but still wicked to the top of the channel and hasn't yet broken below. Purple Parallel: has held above our first move up, and has cleanly reached the top of the channel 3 times now, has yet to reach the bottom here (if it did that this week, it would be around 586 sats). Assuming we stay at least within the purple channel, or even the red - potential targets for 3 weeks from now are drawn in white: - Targets touching the red channel bottom, mid-point, and top are based on not dropping below the bottom of our red channel. - Targets touching the purple channel bottom, mid-point, and top are based on not dropping below the bottom of our purple channel. Invalidation of Idea: Dropping and closing a weekly candle below both channels cancels this plan. ************************************************************************************************************************ Original / Related Ideas Based on a Long-term Double Bottom Pattern for HBAR are Linked Below ************************************************************************************************************************
Long
by dudebruhwhoa
1
BTC is a finest SL hunter these days. #BTCUSDT #Binance #Daily #Midterm - What a sharp drop! Bitcoin was rejected thoroughly at 52K zone which is around bottom of the major orderblock formed around early May 2021. - I have addressed this very resistance gathering technical factors such as numerous upward trendlines, top of the parallel channels, and projection/expansion/retracement levels of the wave structures. - In my Elliott Wave perspective, since Bitcoin has failed swing high, I am leaning slightly more towards the 52K high being the end of the wave B and thus expecting another bearish wave to come which then would be wave C. - In a shorter term, make sure to consistently check whether bottoms of the yellow and white channels are valid. - From the fact that the bottom of the recent dip happens to be located at the LVP(Low Volume Peak), I will definitely be more bearish if bottom of the yellow channel fails supporting. - Here are some of the areas that I find them attractive to enter long position if we observe more drops: 37K~38K (Valid until 9/18), 33.2K~34.8K (Valid until 10/05). - If these supports are broken later, according to many wave theories and methodologies, I strongly expect Bitcoin to rally down to test the mid-term bottom around 29K. The ultimatum support that I am considering is around 23K~25K. - Lastly, if Bitcoin sort of forms widening or broadening pattern and make an HH, the next resistance that I deducted is 56.5K~58.5K.
by Tommy_Trader