The Inflection point is almost here!
As Bitcoin is approaching the last down trending line , Will zoom in on some key zones and dates.
https://www.tradingview.com/x/L4tOehYj/
On the 8H chart we currently have 2 uptrends . The blue lined Channel and the pink pitchfork.
On the bullish side a solid close above the pink fork's median line coinciding with a break of the down trending green line approx price at $26550-$26850. These 2 lines cross paths on 21 August.
Mildly bullish a hold on the lower parallel breaking the green line to the upside approx price $25500. These 2 lines cross paths on 28 August. I say mildly bullish because there is a chance that it turns out to be a fake break of the green line as within the pink pitchfork we would be losing momentum testing the lower parallel with all attempts to get back above the median line proving fruitless.
Mildly bearish scenario a break below the pink pitchfork prior to crossing the Green down trending ( prior to 28 August ) . Mildly bearish as we still have the blue channel support.
Bearish would be breaking the Blue channel to the downside. These 2 lines cross paths 16-18 Sept.
https://www.tradingview.com/x/uL9Yw2zz/
Adding to the 2 uptrends on the 8H is this uptrend on the H1 . Some nice moves to the upside from top yellow parallel line , however all fading quickly just below the upper quartile line. Would like to see it hold and base above the median line to give the bullish cases described above the best outcome. A break of this fork to the downside though could be an early indication of the bearish outcomes.
https://www.tradingview.com/x/ZQ0xYDJO/
All the best.
cheerio FXcrypto
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