BTC is clearly in a large timeframe bull trend. It seems to have formed the third angle of support for the bullrun (hyper waves like prior btc cycles tend to top out after making a 4th and final angle of support (in gray)).
In the short term its price action is mimicking last years, forming a right-angled ascending broadening wedge after breaking up from a 8-month consolidation. These broadening wedges represent mid-cycle consolidation before making the next leg up.
The 1.618 - 2 fib extension of each range predicted the next levels that BTC would pause at. A break above 121k-127k predict the next intermediate top to occur at 151-172k range.
In the short term its price action is mimicking last years, forming a right-angled ascending broadening wedge after breaking up from a 8-month consolidation. These broadening wedges represent mid-cycle consolidation before making the next leg up.
The 1.618 - 2 fib extension of each range predicted the next levels that BTC would pause at. A break above 121k-127k predict the next intermediate top to occur at 151-172k range.
Note
Green vertical line = halvingRed vertical line = btc top which tends to be 70-80 weeks post halving
Blueish-green support line = logarithmic support line, i.e. lowest BTC can go based on prior bear market lows
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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.