Updated

A look at the inv h&s and rising channel on btcusd

I focused on the bullish pennant btc recently broke up from on my last chart, so for this one I wanted to focus now on the inv h&s patterns and the rising channels since btc price action is now above them. The green inv h&s pattern is the most obvious one, however there is also one with an ascending neckline(in lavender) even though the lavender inv h&s is smaller than the green, because it’s neckline is slanted upward its breakout target is slightly higher than the larger green one. We can also see price action now above the teal blue rising channel. On the daily chart you can see how the bottom teal line is also valid with multiple touches, which essentially makes the channel twice as big as most people realize. I have posted the measured move targets for the top half of the ascending teal channel as well as a target for if the bigger channel is more valid. Odds are they are both valid but we will know by how close price gets to each target. There are several other bullish patterns I left off this chart as I wanted to focus on the most current patterns I’m currently focused on and with price action just now closing multiple daily candles above these patterns I knew now was the time to post a chart focusing on them. You can look back through my chart ideas to see all the other bullish chart patterns currently in play including a bullish pennant, descending channel that is also a potential inverse Bart, and the falling wedge that encompassed most of the bear market. *not financial advice*

Note

One last thing I’d like to add: A rising chart is generally a bearish pattern that breaks down more often than up. If that pattern breaks upward here that is a big indicator that the uptrend is i Kelly to be confirmed. In 2019 when we hit the fulcrum of the bear market bottom and started our first uptrend thereafter, we started it by breaking upward from a couple rising wedges(bearish patterns). Would be a big indicator that bears are done.

Note

I said rising chart on my last comment when I clearly meant rising channel. Anyways if you click play we can see the follow up candle had a perfect support retest on the top trendline of that same blue rising channel. A good sign for bullish continuation.

DrDovetail

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DrDovetail