BTC needs to consolidate before it can break 12k?
Please be aware, I am new to TA and would love any insight as to where I may be wrong or could have a better perspective.
Purple Wedge: Monthly chart's ascending wedge.
Blue Channel: Monthly chart's ascending channel.
Green Wedge: Daily chart's ascending wedge.
Yellow Channel: daily chart's ascending channel.
Red Wedge: Daily chart's ascending wedge.
Bollinger band on the daily shows the potential beginning of a consolidation.
My perspective:
BTC has to play out the bearish patterns before it can produce bullish patters.
Once it breaks from the red wedge, yellow channel, and green wedge, it will then be under the purple wedges resistance.
Potentially then following a sideways or descending consolidation period.
Once it consolidates and creates some bullish patterns, it can then have a better chance of breaking out bullish.
The only way I see it breaking out bullish from all these bearish patterns would be an amazing amount of volume and buying pressure.
Purple Wedge: Monthly chart's ascending wedge.
Blue Channel: Monthly chart's ascending channel.
Green Wedge: Daily chart's ascending wedge.
Yellow Channel: daily chart's ascending channel.
Red Wedge: Daily chart's ascending wedge.
Bollinger band on the daily shows the potential beginning of a consolidation.
My perspective:
BTC has to play out the bearish patterns before it can produce bullish patters.
Once it breaks from the red wedge, yellow channel, and green wedge, it will then be under the purple wedges resistance.
Potentially then following a sideways or descending consolidation period.
Once it consolidates and creates some bullish patterns, it can then have a better chance of breaking out bullish.
The only way I see it breaking out bullish from all these bearish patterns would be an amazing amount of volume and buying pressure.
Note
Well, I guess it broke all the bearish rules LOL.it consolidated, but only for a short while and not in a downward trend as I thought it would.
Very impressive BTC. The power of volume and buying pressure.
Note
If I had to guess, the bullish break might have been an observable probability since it came into the channel in an uptrend.Note
If I adjust the blue channel and narrow it a bit, I think the pattern may be coming into that channel in an uptrend as well, meaning that there is a chance for bullish break from the monthly chart's channel.Hmmmm....
Note
It hit 12k, but didnt hold it, got knocked back under, still in the bearish patterns, we will see how it looksNote
It tried to break the channel bit did not, it is still in the large channel, and the wedge, next week will give definitive answers on how it pays out the bearish patterns.
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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.