BITCOIN [ BTC ] - BULLISH Breakout Pattern Forming...
Updated
Bitcoin is still trending up. It bottomed out in the summer. It has been trending up with HIGHER LOWS since that time. The most previous LOW was in late September. The current LOW is now in December. Every time we've gotten to these new LOWS, Bitcoin creates a FALLING WEDGE pattern with a breakout before the next leg up.
When Bitcoin broke out of it's FALLING WEDGE in late July, it had a RE-TEST in August before it took off. During the late September FALLING WEDGE breakout, there was no RE-TEST. However, with this current FALLING WEDGE breakout that we just had, we are getting a RE-TEST, similar to what we saw in September. As long as we hold above this RE-TEST area, this should be the beginning of the next big leg up in Bitcoin. This looks like it will carry on into Q1 and maybe even Q2 of 2022.
When Bitcoin broke out of it's FALLING WEDGE in late July, it had a RE-TEST in August before it took off. During the late September FALLING WEDGE breakout, there was no RE-TEST. However, with this current FALLING WEDGE breakout that we just had, we are getting a RE-TEST, similar to what we saw in September. As long as we hold above this RE-TEST area, this should be the beginning of the next big leg up in Bitcoin. This looks like it will carry on into Q1 and maybe even Q2 of 2022.
Trade active
The re-test of the Falling Wedge pattern was invalidated. However, I may just have to re-draw that top line on the Falling Wedge. When it spiked up to 52,120 on DEC 27th, that may have been the new top of the Falling Wedge, similar to when it spiked up and made a higher top on the Falling Wedge back on June 15th. This Falling Wedge may go deeper towards the 42,000 area before we get our push back UP. That does not change the overall analysis, only the depth of the Falling Wedge. Still BULLLISH overall and still looking to move UP from here.
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.