VincePrince

BITCOIN, Massive Channel TO Show Final Outcome!

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello Community,

Welcome to my new analysis of Bitcoin from the daily timeframe perspective. Since the FTX crypto collapse, massive liquidation were triggered within the crypto market and Bitcoin all-together with other major cryptocurrencies showed up with a devastating plunge to the downside which is likely not have happened if the FTX exchange at this time the second biggest exchange within the crypto market collapsed. The interesting thing here is that Bitcoin actually follows a pattern with fractals in this pattern as Bitcoin showed a similar fractal-dump already in the U.S.-Dollar index within August as seen in my chart.

Taking these events into perspective now, as it is seen within my chart, Bitcoin is trading in a paramount Descending-Channel-Formation with the Accumulation-Channel in the lower boundaries and the Distribution-Channel in the upper boundaries. Now as Bitcoin is testing the lower Accumulation-Channel again this is a crucial situation as Bitcoin from here on shows a second Accumulation-And-Breakout-Fractal as it already formed within the bigger channel. Therefore, once Bitcoin manages to break out the Accumulation-Channel a rally is likely to continue till the Distribution-Channel is reached once again.

The final crucial determination of the concluding trend direction will come once Bitcoin is in the Distribution-Channel again because if Bitcoin manages to hold this area and built up bullishly on it this will be the setup for a final breakout above the upper boundary and converting into the scenario A seen in my chart. Otherwise, if Bitcoin should confirm the upper Distribution-Channel together with the upper boundary and the 100-EMA as resistance again the bearish fractal and second scenario B is likely to be triggered again and Bitcoin will continue till the Accumulation-Channel is tested again, it will be an interesting determining journey ahead.

In this manner, thank you everybody for watching, Let's move forward together.
"Each new day the market has a new shape. Just the patterns repeat."

The information provided is only educational and should not be used to take action in the markets.

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