BTC Long Term Triangles Part II
This is the final version of the chart I shared yesterday.
- Two major channels have been added above the support channel.
- Cycles have been highlighted with vertical lines.
- The blue and purple triangles have been emphasized.
Triangles
We see three triangles in the chart: yellow, blue, and purple. The yellow triangle is an 11-year triangle that encompasses the other two. The blue triangle represents the period from March 2013 to December 2017, lasting 4 years and 9 months. The purple triangle represents the period from March 2020 to the end of 2025, lasting 5 years and 9 months.
The blue and purple triangles are similar fractals. The lower uptrend channels of the triangles are the same. The triangle from 2013 started forming with a brief touch in March. After that, the price reached the upper region of the triangle and then returned to its lower support, continuing for an extended period with ongoing contact.
The purple triangle started forming in March 2020 with a brief touch on the lower support channel during the COVID crash. After that, it went to the upper region of the triangle, completing the 2021 process in this upper region. Then, with the bear market, it returned to the channel. Since returning to the channel, it has been moving entirely within it since 2022 and has now reached the upper regions of the triangle while still moving within this 11-year channel.
Currently, we are above the middle line of this long-term support, which serves as the lower uptrend channel. The middle line shows the $53,800 - $54,400 region. The lower line shows the $45,800 - $46,400 region. It is crucial that this channel, which has been in place for 11 years, does not break.
Channels
Apart from the lower uptrend channel, we can see two other channels that the price has continued to use over these 11 years. The price completed the bull cycle in the upper channel after breaking the blue triangle.
Now, it is possible for the price to continue up to the middle channel by breaking the purple triangle. The lower region of the middle channel points to approximately 312K.
Alternatively, the price could continue moving entirely within the lower channel, as it has done for the past two years and in this case, the ATH target would be in the 132K - 144K region.
- Two major channels have been added above the support channel.
- Cycles have been highlighted with vertical lines.
- The blue and purple triangles have been emphasized.
Triangles
We see three triangles in the chart: yellow, blue, and purple. The yellow triangle is an 11-year triangle that encompasses the other two. The blue triangle represents the period from March 2013 to December 2017, lasting 4 years and 9 months. The purple triangle represents the period from March 2020 to the end of 2025, lasting 5 years and 9 months.
The blue and purple triangles are similar fractals. The lower uptrend channels of the triangles are the same. The triangle from 2013 started forming with a brief touch in March. After that, the price reached the upper region of the triangle and then returned to its lower support, continuing for an extended period with ongoing contact.
The purple triangle started forming in March 2020 with a brief touch on the lower support channel during the COVID crash. After that, it went to the upper region of the triangle, completing the 2021 process in this upper region. Then, with the bear market, it returned to the channel. Since returning to the channel, it has been moving entirely within it since 2022 and has now reached the upper regions of the triangle while still moving within this 11-year channel.
Currently, we are above the middle line of this long-term support, which serves as the lower uptrend channel. The middle line shows the $53,800 - $54,400 region. The lower line shows the $45,800 - $46,400 region. It is crucial that this channel, which has been in place for 11 years, does not break.
Channels
Apart from the lower uptrend channel, we can see two other channels that the price has continued to use over these 11 years. The price completed the bull cycle in the upper channel after breaking the blue triangle.
Now, it is possible for the price to continue up to the middle channel by breaking the purple triangle. The lower region of the middle channel points to approximately 312K.
Alternatively, the price could continue moving entirely within the lower channel, as it has done for the past two years and in this case, the ATH target would be in the 132K - 144K region.
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.
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.