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.
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Bitcoin Logarithmic Growth Curves and Zones
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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.
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Bilateral Patterns > Ascending Triangles
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Subtle change, but with great effects: Rising Wedge -VS- Ascending Triangle
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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.
@GFauth, ja pensou em considerar a inflação de USD? federal reserve USA esta injetando em media 1 trilhão U.S. Dollar a cada 8,5 meses.
Se voce pegar o grafico BTC GOLD (PAXGBTC e inverter), voce consegue plotar certinho a resistencia horizontal com 3 picos no topo maximo.
Da uma olhada na analise que eu postei hj e me fala oq acha... as vezes o padrão rising wedge + inflação de USD, em BTCUSD ou BTCUSDT, pode indicar um Ascending Triangle
Cgreen32274
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i would classify that more of a rising wedge than a triangle. MHO. But the upper resistance is in an ascension.....not a straight across line.
renatorez2
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@Cgreen32274, I agree, but if the next peak is less than 69k, then I can confirm ascending triangle
renatorez2
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@Cgreen32274, It would be a resistance between 65k to 68k and not a gradually rising resistance line
sarahahecimovic
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@Cgreen32274, 100% it is a rising wedge! - Bearish pattern = Why we saw that huge selloff in November. Now we are in a descending wedge with support at 39.5k and looking to breakout in the next week or so. From there we hit a parallel channel and would need to break out on the upper threshold to really start moving in the right direction. Don't know why traders get so caught up in the number games - I'm just glad I can rely on my own knowledge :)
renatorez2
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@sarahahecimovic, It makes sense as the November peak was slightly higher than the April peak, and thus forms a rising wedge. If it breaks 39.5k support, then this analysis will be nullified. We need to wait the next two weeks to find out which way it will go.
sarahahecimovic
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@renatorez2, Correct - the next 10-14 days will be crucial in determining whether it breaks up or down!
louistran_016
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@sarahahecimovic, rising wedge is not a bearish pattern, QQQ breaks bull on a wedge all the time at the same time, falling wedge can break bear, looks at DKNG, BYND, PINS...