Above is an extrapolation of the possible road to breach 13K in the next few weeks. There is a clear bull pennant that formed since the rebound in March 2020 that channelled out until late July. The regression trend from March to mid August demonstrates a consistent uptrend with a recent breakout in late July. However, the price is retracing today and may dip below the lower band one more time before the next breakout.
Although BTC has been on an upward move since the late July breakout, I believe we are (as of August 19) in the beginning of a brief channel phase. The recent bull pennant I am extrapolating is more compact likely due to recent concentrations of institutional capital raising demand. I hope the pennant will complete itself soon and the next breakout phase will begin during the first week of September leaving prime buying opportunities to come in the final days of August.
Let me know what you think!
Although BTC has been on an upward move since the late July breakout, I believe we are (as of August 19) in the beginning of a brief channel phase. The recent bull pennant I am extrapolating is more compact likely due to recent concentrations of institutional capital raising demand. I hope the pennant will complete itself soon and the next breakout phase will begin during the first week of September leaving prime buying opportunities to come in the final days of August.
Let me know what you think!