Just for fun, projecting out the 2nd fan line to see when it says the earliest we could see $30K (and $20K, $10K just to be macabre).
Not saying it's gonna go there. Just showing what a trendline that has been respected leads to.
John Murphy's classic book 'Technical Analysis of the Financial Markets' mentions the 'fan principle'.
Going with that model, lines 1 and 2 have formed for Bitcoin.
It appears that a possible 3rd fan line is in the works.
The 3rd line shown here has provided resistance twice.
