BITCOIN's underlying Channel without the LIBRA & COVID anomalies
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This is a very interesting pattern. It follows Bitcoin's price action from the December 2018 bottom until now on the 1W chart.
As you see excluding the candles that pushed BTC above the Channel (LIBRA euphoria) and below the Channel (COVID panic), the price follows a fairly well structured Channel Up. Interestingly enough, both anomalies outside the Channel were pct movement of just below +/-50%. The drawback of course is that it hasn't broken above $10500 since September 2019, but if it wasn't for the COVID panic selling, we can argue that the price would be above it already going for a new Higher High.
Do you think that this is the pattern that dictates BTC's price action since 2019 and is the one that will drive it forward, assuming no unforeseen negative fundamentals take place again? Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
As you see excluding the candles that pushed BTC above the Channel (LIBRA euphoria) and below the Channel (COVID panic), the price follows a fairly well structured Channel Up. Interestingly enough, both anomalies outside the Channel were pct movement of just below +/-50%. The drawback of course is that it hasn't broken above $10500 since September 2019, but if it wasn't for the COVID panic selling, we can argue that the price would be above it already going for a new Higher High.
Do you think that this is the pattern that dictates BTC's price action since 2019 and is the one that will drive it forward, assuming no unforeseen negative fundamentals take place again? Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
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I trade on the best platform PRIME XBT!
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Comments
Have you noticed that the previous run looks like the current in reverse ?
Not like basing some huge strategy over it or anything but thought its pretty interesting haha.