Hello all. I am a lurker here, and have been watching many of you offer perspective on crypto and stocks alike, and I really have come to see TV as a great place for information.
I made the chart above simply to demonstrate where we are with BTC on the 4-hr chart. I am not getting into guessing where things are to go from here, but rather point out some possible points of interest.
As you may see on the chart, BTCUSD entered a down-ward sloping channel (as displayed with the pitch-fork) in early to mid-February, and stayed within that channel until that big drop we all loved in early/mid-March, and when it reached the low, it appears to have entered an upward trending channel that I have created using another pitch-fork which gives us that nice plaid appearance where the two channels are currently intersecting. Notice the action in the middle of those two channels.
Bear in mind that the upward trending channel has not truly been established. In other words, the trend has, in reality, the BTCUSD pair only re-entered the descending channel after slipping out of it to reach it's most recent low. Now the upward trending channel could be there as the price action appears to be honoring it at this time. It will be worth watching closely over the next several days to rule-out/rule-in a new pattern.
I made the chart above simply to demonstrate where we are with BTC on the 4-hr chart. I am not getting into guessing where things are to go from here, but rather point out some possible points of interest.
As you may see on the chart, BTCUSD entered a down-ward sloping channel (as displayed with the pitch-fork) in early to mid-February, and stayed within that channel until that big drop we all loved in early/mid-March, and when it reached the low, it appears to have entered an upward trending channel that I have created using another pitch-fork which gives us that nice plaid appearance where the two channels are currently intersecting. Notice the action in the middle of those two channels.
Bear in mind that the upward trending channel has not truly been established. In other words, the trend has, in reality, the BTCUSD pair only re-entered the descending channel after slipping out of it to reach it's most recent low. Now the upward trending channel could be there as the price action appears to be honoring it at this time. It will be worth watching closely over the next several days to rule-out/rule-in a new pattern.
