BTC Long Term Triangles

Here’s the biggest difference in this cycle, shown in this chart. How ?

11-Year Support Uptrend Channel

This uptrend channel has been working well since 2013, consistently keeping the price above it and pushing it higher.

For the first time in the current cycle, since 2022, the price has been moving entirely within this channel. The lower line of the channel currently indicates around 47K. Falling below this level could be really dangerous, as it has been working like a ruler for 11 years.

The upper line of the channel points to approximately $64,700 - $65,000. If we evaluate the situation in a broad perspective, the first bullish signal will come from reclaiming this region, as it would mean breaking above the upper line of the channel.

The second most important signal would be reclaiming the $68,200 - $70,000 range. This range is literally a horizontal barrier, so breaking above it and staying above would make the upcoming period much brighter.

2 Triangles

We see 2 triangles in the chart, intertwined in purple and yellow.

The smaller purple triangle began forming in March 2020 during the COVID period, making it a 4-year triangle. The larger yellow triangle encompassing it has been forming with the lower uptrend channel since 2013.

These triangle structures tell us that reclaiming the $68,200 - $70,000 range would be quite bullish.

Summary

These long-term triangles and the lower uptrend channel indicate that the price should not break downwards from the 47K - 70K range. Because the price is nearing the end of these triangle structures.

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