On this chart you'll see that Bitcoin is coiling up in a bullish consolidation pattern called a SYMMETRICAL TRIANGLE.
Bitcoin LOVES Symmetrical Triangles. The LONGER they play out the STRONGER they are.
This one possibly has the power to sling Bitcoin to 100K.
Bitcoin has STRONG support in the 30K region and will likely be rejected by the 200 Daily MA and dip back down into this DEMAND ZONE before completing the pattern and BLASTING OFF INTO OUTER SPACE. This is obviously where the whales want to buy. Once their warehouses are full at this price they will HODL and cause a supply shock.
2022 is gonna be LIT.
Peace, Love, & Crypto, B166er
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Bitcoin didn't dip enough to create a bottom trendline of the triangle so it's busted. But it just broke out of the upper trendline so now I'm looking for it to either come back down and find support on it, or keep going up from here. -B166er
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HIT THE PLAY BUTTON!!!! :-)
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Federal Reserve aka CENTRAL PLANNERS decided that markets would dump and they did. Had they not...the Bitcoin supercycle would've been EPIC.
I dont think we can tell if it is bullish or bearish unless a breach of 15.5K happens or a transcend above 17.4K happens Its matter of time and patience
Tradersweekly
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Downtrend prevails.
theshawon
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Question, sorry I'm a noob. So this regression band passing previous ATH, is it pretty much fixed to happen around that ~Oct 12 date? Or can it move depending on current price action or something? I'm assuming not, and that it's pretty fixed and turning point will happen basically mid-Oct?
B166ERcrypto
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@theshawon, No problem it's a great question! And actually my VERY FIRST PUBLISHED CHART here on TV addresses it so go to my profile and scroll down to find that. Back then I called it the "Parabolic Adoption Curve" trend line because I believe that represents the network effect, or Metcalfe's Law, which tracks with adoption. I now call it the Regression Curve because that seems to be what most people refer to it as. Youtuber Benjamin Cowen has popularized the term. Do a search for him to learn about it. He posts about it a LOT. The fractal I mention is explained in this previous chart: Enjoy!