It is indeed an important development as not only did it break above this key MA for the first time since May 12, but Bitcoin is also at the highest price level it's been since May 26. What I am interested at on this idea is to know which pattern you think the price will follow (since the Channel Down displayed in dashed lines was invalidated with this break-out) as this development is creating new patterns.
I think the general outlook appears to be fairly symmetrical since the May selling and this is why I am illustrating it in such a way. As you see I've identified two potential Channel Up patterns (blue and Green which is wider) adding a Fibonacci extension perspective on this in case the price action turns parabolic.
At the same time I cannot overlook a potential Cup & Handle pattern, which could materialize if today's high holds and rejects the price and turns it sideways until it forms the handle. Once completed this can initiate a strong rise sequence, as C&H patterns usually do.
What's your opinion on this? Which pattern do you think BTCUSD will follow from now on? Feel free to add on the comments section any you think I am missing on this chart.
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I don't understand why people keep talking about the Death Cross.
- First, the last the Death Cross actually happened, the only thing that happened was the charts by the analysts. Nothing happened to BTC prices.
- The Death Cross might or might not happen. The point is why not pay attention to the chart and follow a proper technical analysis of what is taking place now.
I would look at the volume and the momentum and then take a call on whether to enter or stay the hell away! I leave the rest to my analysis of the price action. :)
CryptoidiotQ
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@Mudrex 100%. I've been in btc since the start, it's ignored more DC's than it's respected.