I drew the dominant channel from June-present, and also the dominant channel from November-present. I see that we are currently trading between these two channels. You will see it better in the close-up view, but I was surprised to see the trading from Dec 21-28 followed the November channel quite nicely, even though we have now fallen below that channel.
I also see a symmetrical triangle forming from the Dec 17th high and the Dec 22nd low.
I also acknowledge the head-and-shoulders, double-bottom, and other trends that so many others have pointed out. I am trying to highlight items that I haven't seen highlighted by others.
Personally, I think the H&S is becoming less valid at this point, and I think this symmetrical triangle is more significant. A significant break from this triangle will give us direction. Depending on what time-frame you use, you could also make an argument that we developed a descending triangle and/or a descending wedge within the symmetrical triangle.
Comment
⋅
I've never tried posting a chart aside from the "main idea" but this comment is an attempt to provide a close-up view of the chart. You can see we are following the bottom of the green symmetrical triangle closely. However, we did jump above the orange trend line and are (at the moment) using it as support as we get closer to a decision.
@MarcPMarkets and @goldbug1, I don't expect any feedback, but thank you for your detailed regular analysis which has helped me tremendously in the last 3 months as I have learned about charting for the first time.
chwi03
⋅
Can anyone tell me if it carries any significance when you hug the bottom of a symmetrical triangle, versus when trading hugs the top of a triangle? For instance, my gut tells me that hugging the bottom (like we have been doing the last couple days) means BTC is "using effort" to not fall below the line, making it more likely to fall lower on the breakout. However, there is no experience behind that gut feeling -- wondering if traders can tell me whether there is actual significance or not.