Double tops, triple bottoms
Blue rectangles are downchannel breakouts (1 failed, 2 successful, 1 projected)
Downchannels: 1/3 - White; 2/3 - Orange; 3/3 - Red
Upchannels: 1/2 - Green (new); 2/2 - Blue
Yellow horizontal lines: We have a situation
Red Horizontal Lines: We have a PROBLEM
BTCUSD is well within the downchannel 1/3 in white, still. This means that either a shallower upchannel is likely as is shown in green, or a return down the downchannel 2/3 is possible, as well as a potential return to the downchannel 2/3 in orange. Vdub Sniper has triggered a short signal, so further down the white 1/3 downchannel is definitely possible. That indicator has been showing a lot of transitory signals that disappear shortly after though, so I'm unconvinced. It could be a triple test against the red support line like it was against the yellow support line. VPVR (unpictured for clarity) shows reasonable buy ratios below the current price range, so here's hoping.
Lots of candles have flirted with the most recent red line, but only one has closed below it on this timeframe. RSI compression from the December ATH ended yesterday/today, but lingering effects may persist for a week before a general uptrend follows. Deviation farther and farther from 10k may pull more public participants and dampen volatility with last week's extensive exodus evidenced by the consistently oversold RSI.
I haven't moved the projected breakout box as yet, I'll move it to the intersection of the 1/2 green upchannel and the 1/3 white downchannel for the next update. If things tend that way there would be some further flattening, and then the next leg up for BTC. It would not be surprising to find out that large players manipulated the price to stay flat and accumulate BTC until just after taxes are calculated and then run up the price to catch taxpayers' refund money, but that's pure conjecture.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time.
Downchannels: 1/3 - White; 2/3 - Orange; 3/3 - Red
Upchannels: 1/2 - Green (new); 2/2 - Blue
Yellow horizontal lines: We have a situation
Red Horizontal Lines: We have a PROBLEM
BTCUSD is well within the downchannel 1/3 in white, still. This means that either a shallower upchannel is likely as is shown in green, or a return down the downchannel 2/3 is possible, as well as a potential return to the downchannel 2/3 in orange. Vdub Sniper has triggered a short signal, so further down the white 1/3 downchannel is definitely possible. That indicator has been showing a lot of transitory signals that disappear shortly after though, so I'm unconvinced. It could be a triple test against the red support line like it was against the yellow support line. VPVR (unpictured for clarity) shows reasonable buy ratios below the current price range, so here's hoping.
Lots of candles have flirted with the most recent red line, but only one has closed below it on this timeframe. RSI compression from the December ATH ended yesterday/today, but lingering effects may persist for a week before a general uptrend follows. Deviation farther and farther from 10k may pull more public participants and dampen volatility with last week's extensive exodus evidenced by the consistently oversold RSI.
I haven't moved the projected breakout box as yet, I'll move it to the intersection of the 1/2 green upchannel and the 1/3 white downchannel for the next update. If things tend that way there would be some further flattening, and then the next leg up for BTC. It would not be surprising to find out that large players manipulated the price to stay flat and accumulate BTC until just after taxes are calculated and then run up the price to catch taxpayers' refund money, but that's pure conjecture.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.