BitcoinShort
Bitcoin Weekly Chart / Price Action Repeating 2019 June Period
This structure is almost repeating the structure that started in June 2019. How ?
In March 2024, the price made a high with the all-time-high and created 3 lower highs with it.
When we look at the 2019 June period, we can see that after creating 3 lower highs since June 2019, the price continued with 3 lower accumulation lows.
Now it seems that the first lower accumulation low will be created between roughly 50k - 61k like 2019 period. Since I compared the price structure to the June 2019 period, I pasted the area after the 3rd lower high to the current period and after doing this, I realized that it could also be compatible with uptrend channels on the chart.
Because both the uptrend channels on the chart have been working well for a long time and the price has continued with 3 lower highs since the 73.8K ATH level so far. Let's see if it works. According to this structure, the downtrend process that started in March 2024 continues until November-December 2024.
In March 2024, the price made a high with the all-time-high and created 3 lower highs with it.
When we look at the 2019 June period, we can see that after creating 3 lower highs since June 2019, the price continued with 3 lower accumulation lows.
Now it seems that the first lower accumulation low will be created between roughly 50k - 61k like 2019 period. Since I compared the price structure to the June 2019 period, I pasted the area after the 3rd lower high to the current period and after doing this, I realized that it could also be compatible with uptrend channels on the chart.
Because both the uptrend channels on the chart have been working well for a long time and the price has continued with 3 lower highs since the 73.8K ATH level so far. Let's see if it works. According to this structure, the downtrend process that started in March 2024 continues until November-December 2024.
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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.