So I basically took a trendline on the 3 month chart and connected the 2 bottom wicks on the most prominent red candles for the bottom trendline of the channel…I then cloned that specific trendline and placed the left side of it on the highest green candle wick for a top trendline to the potential channel low and behold our current 3 month candle is very very close to retesting that top trendline of the channel. SHould it retest this exact line and find it as resistance it greatly increases that this speculative channel is aa valid one in which case we can then take a measured move and determine were we then to later break up out of the channel…the target of the channel alone, were it to break up from the arbitrary spot I placed the dotted purple line on is around 80k-82k. We’re it to be more of a bullflag than just a channel then we can see a measured move of a bull flag breakout with the dotted green line that would then take is just above 100k. For now, I wont be confidant that this is a valid channel until I see precise resistance right on the top trendline either on this current 3 month candle or the next one, however I do get the feeling we will see something of the sort the way rice is acting when this close to it. We shall soon see. There are also people claiming because of the law of diminishing returns that there’s a chance the top of the upcoming bull market may not crack 100k, so keeping that in mind, if this channel does become valid, once we would hit the full target of the channel breakout, I would probably start taking a very close look at the pi cycle top indicator just in case the diminish returns theorists out there have a point, however with the wave of institutional level adoption poised for this next bull market I think probability still currently favors a bull market top above 100k this upcoming run. Still wise to seriously consider both sides to be ready for either outcome though. I just wanted to post this 3 month speculative pattern on here for now so I can continue to easily watch it the next few 3 month chart candles. *not financial advice*
Comment:
If the next couple monthly candles break way above this line without factoring it in as at least preliminary resistance on the weekly , 2 week, or 3 week charts, then this channel will likely not be much of a valid one. We will find out soon.
Comment:
Oddly enough I did just flip the time frame back to weekly, and though on the 3 month chart it shows that the wick hadn’t yet reached the top trendline, on the weekly chart the wick hit it exactly, so this channel may indeed get confirmed.