Bitcoin, love it or hate it, charts!
$BTC falls out of a month long 20k+ run. Pink line is a sketchy channel going back to 2015, I don't give that much weight. Grey lines are Fib extensions that appeared to be functional on the way up, perhaps not so much now.
I believe many people bought into this run at 16k-ish, when Bitcoin escaped a multiyear wedgie to the upside, and probably even more bought when it broke it's all time high 20k. At this point those individuals are looking at x2 to x3 winnings, which under more normal circumstances would be an excellent reason to sell... right about now. I will be surprised if it makes it back into that channel any time soon.
A channel containing all of Bitcoin's latest bull run. 20-25k on the bottom trendline.
The king channel, encompassing all of Bitcoin's price since about 2015. A price target of 170k from a 'technical analyst' on one of the major networks caught my eye. so I went back to the charts searching. Also mildy interesting that this take is about as close to the 'stock to flow' model that has gained a lot of steam in the last 18 months as you can get with a chart. Log scale channeling all price action yields similar predictions.
The 2017 high was so outrageous in my mind, that it did not warrant attention as an anchor point for a trendline. But alas, this is the world of cryptocurrency, where anything and everything is fine.
Smaller time frames from here on out. Just wanted to set the stage with the big picture.
This is the channel I took more seriously, disregarding the 2017 explosion. Only time will answer for me...
Our beloved Fib target on the run-up just turned into resistance.
50 day at roughly 41k, another Fib at 30k, 200 day at roughly 22k (not shown)
Bitcoin makes a big move up, and out, of the corrective triangle it had formed.
BTC bangs around under the top of the channel containing it's most recent bull run. Maybe that is a flag (shown). It was easier to slam a downward channel on the new price action.(not shown)
Propaganda machine says Bitcoin to 100k and higher.
Chart says '"Ummm, that's nice, but, let's wait a few minutes..."
Addendum to last post: Sorry, bit tired after work. Pennant/triangle, wedgie shown above.
Downtrend channel/flag not shown.
The edit button has disappeared on me. 😎
If I had to guess, BTC is going to make the triangle even bigger. About due for a 15k dump. Last similar event we spent 30 days plotting out the geometry.
I'd like to see this chart stumble to the right a little longer, but what I like, and what is, are two different things.
There was a lot more robust reaction during this bull run when BTC challenged a former high than what we have here.
Channel from 2020 + channel from 2021 = a big diagonal terminating around Nov/Dec. Prior impulse wave featured an 18k dip. This wave we see 8k. Is BTC trying to mature into something that behaves a little better?