BTCUSD 3 Events To Confirm Bullish Continuation
Updated
The 3 events or patterns that confirms with a very high probability that this uptrend is just in its early stages are (as shown in the chart):
Event 1:
The Inverse Heads & Shoulders
At 6400+ bottom, the inverse heads and shoulders pattern formed that usually indicated trend reversal.
Event 2:
Breakout From Descending Parallel Channel
At around 8200+, BTCUSD finally broke out of the descending parallel channel since Jun 2019. To confirm this further, it came down again to bounce off the top line of the descending parallel channel and never looked back.
Event 3:
Ascending Parallel Channel
After breaking out of the descending parallel channel, BTCUSD is now trending upwards in an Ascending Parallel Channel.
The halving event is around the corner. Those who are waiting for a good re-entry, probably could wait for the price to trend lower near the bottom area of the ascending parallel channel as shown in the chart. The lines drawn are all possible resistances and supports including the moving averages.
ETHUSD is doing the same with its own ascending parallel channel.
This is an observation. Please do your own research. Trade only what you can afford to lose. Nothing in life is 100% and don't let anyone tell you otherwise.
Good luck!
Event 1:
The Inverse Heads & Shoulders
At 6400+ bottom, the inverse heads and shoulders pattern formed that usually indicated trend reversal.
Event 2:
Breakout From Descending Parallel Channel
At around 8200+, BTCUSD finally broke out of the descending parallel channel since Jun 2019. To confirm this further, it came down again to bounce off the top line of the descending parallel channel and never looked back.
Event 3:
Ascending Parallel Channel
After breaking out of the descending parallel channel, BTCUSD is now trending upwards in an Ascending Parallel Channel.
The halving event is around the corner. Those who are waiting for a good re-entry, probably could wait for the price to trend lower near the bottom area of the ascending parallel channel as shown in the chart. The lines drawn are all possible resistances and supports including the moving averages.
ETHUSD is doing the same with its own ascending parallel channel.
This is an observation. Please do your own research. Trade only what you can afford to lose. Nothing in life is 100% and don't let anyone tell you otherwise.
Good luck!
Note
Some minor adjustments to the fib retracement levels due to error in the earlier chart. Refer to this.tradingview.com/chart/F4g7XTK5/
Note
Note
BTCUSD price is correlated with ETHUSD. ETHUSD is currently at the top of the Ascending Parallel Channel and at the 50% Fib Retracement Level too. Will price have to correct first from here?
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