This graphical analysis uses:
- Bitcoin Logarithmic Growth Curves and Zones
- Triangle Pattern
- Resistances and Supports (approximately: 30k, 40k, 50k)
In 2021, two peaks were recorded: 64k in April and 69k in November. This builds up the wide white resistance line. By applying Bitcoin Logarithmic Growth Curves and Zones, it is possible to see that BTC approached resistance of 76.39% in April and 61.80% Fibonacci Level.
Currently BTC is using 23.61% Fibonacci Level as support, just as it was used as support in July. Furthermore, during the next few weeks 23.61% Fibonacci Level crosses the 40k support (built through previous pivots = strong support).
The two peaks of BTC built the "double top" pattern, which indicates a bearish scenario. Until today (15.01.22) BTC has already registered a drop of 42%, since the peak of November.
It is predicted that in the coming weeks BTC will further consolidate its 40k support. In February, if BTC grows again, it will build the wide white support line. In this bullish scenario, the initial targets would be 50k (resistance) and later 70k (resistance + 50% Fib level).
In this way, Ascending Triangles will be formed.
Ascending Triangles have a bullish bias. Once the price breaks the resistance line we can expect a rapid increase in the price. This breakout is often accompanied by an increase in volume, while the volume prior to the breakout was declining. Note that this is not a prerequisite.
If Ascending Triangles is completed, targets like 100k or 150k will become great realities.
Comment:
Bitcoin Logarithmic Growth Curves and Zones
Comment:
For ascending triangles the predicted magnitude of a breakout is equal to the value of the resistance minus the first local minima inside the triangle.
Comment:
Bilateral Patterns > Ascending Triangles
Comment:
Subtle change, but with great effects: Rising Wedge -VS- Ascending Triangle
Comment:
BTCUSDT indicates a wedge resistance due to the Federal Reserve injecting 1 trillion USD every 8.5 months into the economy.
When using BTC - GOLD (Steady) it is noticed that all 3 peaks share the same horizontal resistance line.
Therefore, Rising Wedge in BTCUSD can mean Ascending Triangle, when considering U.S. Dollar inflation.
When using BTC - GOLD (Steady) it is noticed that all 3 peaks share the same horizontal resistance line.
Therefore, Rising Wedge in BTCUSD can mean Ascending Triangle, when considering U.S. Dollar inflation.
