BTC Wedges, Megaphones, Channels and a partridge in a pear tree
BTC is in an Ascending Channel on this 1d timeframe. Even if BTC drops to around $34,000, it would still be within this Ascending Channel.
BTC is potentially in an absolutely massive Megaphone Pattern/Reverse Symmetrical Triangle on this 1d timeframe.
BTC is potentially in a smaller Megaphone Pattern/Reverse Symmetrical Triangle on this 1d timeframe.
BTC is potentially in a massive Rising Wedge Pattern.
BTC is potentially in a smaller Rising Wedge Pattern.
It’s almost certain that we will NOT get the 4th touch which would be on the bottom of the Massive Inverted Symmetrical Triangle, but on the Smaller Inverted Symmetrical Triangle we may get a 4th touch if the Rising Wedge Support & the Ascending Support Line both fails.
BTC is still in its upwards Pitchfork Pattern (A,B,C) on this 1d timeframe. Note that BTC is below its Pitchfork Median Line on this 1d timeframe.
At the moment, BTC has found support from its Lower Yellow Pitchfork Support Line. If BTC stays above the Lower Yellow Support Line then history dictates the Price will eventually gravitate back upwards towards the Pitchfork Median Line and possible encounter strong resistance before breaking back above it.
The Ascending Red Support Line is also doubling as the Pitchfork Hagopian Line.
At the moment of typing this, BTC is above its Least Squares Moving Average (LSMA) for this 1d timeframe. We need BTC to close this daily candle above the LSMA.
BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. We need BTC to close back above the BB Middle Band before any real recovery can be considered.
The Moving Average Convergence Divergence (MACD) is indicating momentum is downwards on this 1d timeframe. Note that the MACD Line (Blue Line) is still below the Signal Line (Orange Line) and is in the Negative Zone under the 0.0 Base Line for this 1D timeframe. If you are uncertain to buy in then wait for the MACD Line (Blue Line) to cross back above the Signal Line (Orange Line) on this 1d timeframe.
Here is a closer look at this chart.
Yep, this chart is pretty bonkers but i thought i'd do something a little different ;-) so I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Black Squiggly Line on chart
Pitchfork = A,B,C
Pitchfork Hagopian Line = Red Line on chart
Ascending Channel = Ascending Black and Green Lines on chart
Massive Megaphone Pattern/Reverse Symmetrical Triangle = Purple Lines on chart
Smaller Megaphone Pattern/Reverse Symmetrical Triangle = Black Dashed Lines on chart
Massive Rising Wedge = Ascending Converging Black and Purple Lines on chart
Smaller Rising Wedge = Ascending Converging Black Solid and Dashed Lines on chart
BTC is potentially in an absolutely massive Megaphone Pattern/Reverse Symmetrical Triangle on this 1d timeframe.
BTC is potentially in a smaller Megaphone Pattern/Reverse Symmetrical Triangle on this 1d timeframe.
BTC is potentially in a massive Rising Wedge Pattern.
BTC is potentially in a smaller Rising Wedge Pattern.
It’s almost certain that we will NOT get the 4th touch which would be on the bottom of the Massive Inverted Symmetrical Triangle, but on the Smaller Inverted Symmetrical Triangle we may get a 4th touch if the Rising Wedge Support & the Ascending Support Line both fails.
BTC is still in its upwards Pitchfork Pattern (A,B,C) on this 1d timeframe. Note that BTC is below its Pitchfork Median Line on this 1d timeframe.
At the moment, BTC has found support from its Lower Yellow Pitchfork Support Line. If BTC stays above the Lower Yellow Support Line then history dictates the Price will eventually gravitate back upwards towards the Pitchfork Median Line and possible encounter strong resistance before breaking back above it.
The Ascending Red Support Line is also doubling as the Pitchfork Hagopian Line.
At the moment of typing this, BTC is above its Least Squares Moving Average (LSMA) for this 1d timeframe. We need BTC to close this daily candle above the LSMA.
BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. We need BTC to close back above the BB Middle Band before any real recovery can be considered.
The Moving Average Convergence Divergence (MACD) is indicating momentum is downwards on this 1d timeframe. Note that the MACD Line (Blue Line) is still below the Signal Line (Orange Line) and is in the Negative Zone under the 0.0 Base Line for this 1D timeframe. If you are uncertain to buy in then wait for the MACD Line (Blue Line) to cross back above the Signal Line (Orange Line) on this 1d timeframe.
Here is a closer look at this chart.
Yep, this chart is pretty bonkers but i thought i'd do something a little different ;-) so I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Black Squiggly Line on chart
Pitchfork = A,B,C
Pitchfork Hagopian Line = Red Line on chart
Ascending Channel = Ascending Black and Green Lines on chart
Massive Megaphone Pattern/Reverse Symmetrical Triangle = Purple Lines on chart
Smaller Megaphone Pattern/Reverse Symmetrical Triangle = Black Dashed Lines on chart
Massive Rising Wedge = Ascending Converging Black and Purple Lines on chart
Smaller Rising Wedge = Ascending Converging Black Solid and Dashed Lines on chart