In April 2022 I posted this TA below.
It turned out that triangle in that TA was the pico top of this year and i believe now we could be on the verge of a major breakout.
This ascending triangle could be just as important as that TA at getting a great entry.
So we have a ascending triangle , I love these patterns in Bitcoin they have one of the highest hit rates of any patterns for Bitcoin at least.
Three touch points to create the support structure and four touch points creating the resistance once we break and close above 17355 with good volume there is a high chance we push upwards to 1.618 Fib at 18500.
As you can see 18500 has alot of confluence from the previous range so first stop most likely would be here.
We are at the vertex of the triangle so by Friday 16th December 2022 the triangle ends and it will break before that date most likely because we have the last FOMC meeting Tuesday 13th.
These FOMC meetings play on everyones emotion so like all the other times we could see massive wicks on both ends before moving in the organic direction , stops will be hunted down for sure , this is why I shall wait till after FOMC and after a breakdown of triangle for entry .
Now a possible bear trap senario here coming into the FOMO meeting would look something like this
If it does wick down it will wick down to the previous VWAP close before heading back up.
So now comes to the most important chart the USDT dominance .
If you being following my TAs you know I have been saying for months once we break this white support line the relief rally will come right now we are to the coming to the vertex of this triangle and my reverse indicator on helkin ashi candles has signaled a reversal .
As you can see its pretty accurate indicator at calling pivots in momentum .
If we take a closer look at the two crashes this year June and Nov 2022 we can see that USDT dominance hit the exact same level forming a double top.
Indicator is also calling a reversal on the Bitcoin chart
Last time it signaled this was the bottom of last cycle.
we also have this amazing confluence crossover which so far is holding up.
This is a bar pattern from the cycle low of 2018 to the mid bull run of 2019 .
Now if we take the bar pattern from this section and overlap with current price action we can see that these two fractals look nearly the same.
Its a very important week for Bitcoin if I had to call it now I place my bet on a move to the upside but like always will wait for confirmation before doing anything.
It turned out that triangle in that TA was the pico top of this year and i believe now we could be on the verge of a major breakout.
This ascending triangle could be just as important as that TA at getting a great entry.
So we have a ascending triangle , I love these patterns in Bitcoin they have one of the highest hit rates of any patterns for Bitcoin at least.
Three touch points to create the support structure and four touch points creating the resistance once we break and close above 17355 with good volume there is a high chance we push upwards to 1.618 Fib at 18500.
As you can see 18500 has alot of confluence from the previous range so first stop most likely would be here.
We are at the vertex of the triangle so by Friday 16th December 2022 the triangle ends and it will break before that date most likely because we have the last FOMC meeting Tuesday 13th.
These FOMC meetings play on everyones emotion so like all the other times we could see massive wicks on both ends before moving in the organic direction , stops will be hunted down for sure , this is why I shall wait till after FOMC and after a breakdown of triangle for entry .
Now a possible bear trap senario here coming into the FOMO meeting would look something like this
If it does wick down it will wick down to the previous VWAP close before heading back up.
So now comes to the most important chart the USDT dominance .
If you being following my TAs you know I have been saying for months once we break this white support line the relief rally will come right now we are to the coming to the vertex of this triangle and my reverse indicator on helkin ashi candles has signaled a reversal .
As you can see its pretty accurate indicator at calling pivots in momentum .
If we take a closer look at the two crashes this year June and Nov 2022 we can see that USDT dominance hit the exact same level forming a double top.
Indicator is also calling a reversal on the Bitcoin chart
we also have this amazing confluence crossover which so far is holding up.
This is a bar pattern from the cycle low of 2018 to the mid bull run of 2019 .
Now if we take the bar pattern from this section and overlap with current price action we can see that these two fractals look nearly the same.
Its a very important week for Bitcoin if I had to call it now I place my bet on a move to the upside but like always will wait for confirmation before doing anything.
Comment:
thats a clean break CPI numbers in 1hour from this post so will find it if its bear trap or not but looking good , could have better volume on that 4hour close
Comment:
god dam
Comment:
questiion is now if the USDT support breaks we have been here many times before
Comment:
A weekly close under this support line will trigger a muti month rally
Comment:
price holds support and white line yet again , we dont wanna see a break of this triangle to the upside thats for sure
Comment:
USDT dominance chart above