Looking at the BTC weekly chart it is clear that for the last year BTC has been in an accumulation zone and the recent markup in March represents a breakout to the upside of this channel/zone.
November's markdown, mostly fueled by negative crypto news in the wake of FTX's collapse, resulted in a failed breakout to the downside.
Note the bar range differences in the sideways market after the November failed breakout and after March's breakout.
November's markdown, mostly fueled by negative crypto news in the wake of FTX's collapse, resulted in a failed breakout to the downside.
Note the bar range differences in the sideways market after the November failed breakout and after March's breakout.
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GreyPool.io
Try our automated trading strategies at: greypool.io
Try our automated trading strategies at: greypool.io
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.