Bitcoin (BTC)’s Breakout And Rise To New ATH Is Inevitable

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTC )’s breakout from this point forward is inevitable. The price has been consolidating in a bullish pennant since last month. No investor or analyst who draws bullish pennants like these on a chart presents a bearish case. In that case, they have to rely on a triangle that extends a little further. However, that triangle has an equal chance of breaking to the upside. The bullish pennants visible on the above chart only break to the upside, in normal market conditions. History is a wonderful teacher in technical analysis . This is why the more data we have, the more accurately we can assess probabilities. Anyone can highlight possibilities. There are a thousand of them on every chart. The purpose of technical analysis is to explore probabilities not possibilities.

As we can see on the above daily chart for BTC/USD, this is not the first time Bitcoin ( BTC ) has formed a bullish pennant . Bitcoin ( BTC ) formed an even larger bullish pennant between June and July. The price traded inside the pennant and broke out to the upside in mid July as expected. The same thing is happening again, but most amateur investors think maybe this time it will be different. On that, Sir John Templeton says, “The four most dangerous words in investing are: this time it’s different”. Throughout the history of financial markets, we have seen the same things happen over and over again. Ray Dalio, the founder of Bridgewater Associates has written books about it. Just as the same things happen over and over again, we make the same mistakes over and over again.

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@fakhan I'm and trying to understand and learn TA sorry for bad questions.......If nothing happens until Oct 4 (or end of wedge) does this void your forecast? Worse question: What are the green and red dots indicating?? Thank you in advance!!!
JefeCaan OnionRing
@OnionRing, Hi! Thanks for your question. To answer the first part, something will definitely happen until Oct 4. There's no other possibility. Either we will break to the downside or to the upside but we will have to break out. Now, in normal market conditions, a bullish pennant has a very high probability of breaking to the upside but considering the low volume we have, anything is possible, but to reiterate my point, something decisive definitely will happen by Oct 4. Regarding the second part, green dots indicate where I predicted a price rise and red dots indicated where I predicted a price fall in the past. Thanks again. Hope this helps.
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