This screen captures all 3 runs, our first miracle run to $20k, the run last summer to $14k and this run now. All 3 runs had their own ascending channel. Notice with each run, the return descending channel is more narrow, this is as a result of a larger number of smaller runs versus just a fewer major runs in the past.
2017 run lasted 9 months and had 4 distinct runs from $900 to $20,000
2019 run lasted 3 months and had 3 distinct runs from $4000 to $14,000
2020 run, 6 weeks so far and has already had 4 distinct runs from $6900 to ? ($11750?)
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This ascending channel couldn’t be more calculated and in line with historical resistance points. There is an incredibly strong likelihood this was a good entry point and we are about to run up, continuing the current 6 week trend until it hits a major resistance point around the beginning of March (2 weeks from now) establishing a 2 month trend @$11,750.
At $11750 (See circle), there is a major horizontal resistance point, in fact, one that has been a rest-stop for around 2 years now. More importantly we reach the top of our 2020 ascending channel and are almost certainly no way around a healthy pullback. We can expect a pullback from $11,750 to around $11,000 or if it breaks that, $10,500.
I drew a diagonal line in in black to make this look like a massive triangle, but it’s not. Triangles are typical over a few months, maybe you could stretch it to 6 months, but not two years. But this does establish a top trendline over the last couple of years, it tells us that anything over this line is an improvement to the previous top of candle descending trendline. The next big hurdle will be $14k to prove a long term bull price action. How great it would be if these smaller runs represented greater consolidation just before breaching a 2 year (not triangle) and going parabolic!
Its not all roses. There really is a fairly plausible chance that at $11750, we pull back all the way to the 5 year trendline as we complete this. Since we know the approximate width of descending channel, we are looking at probably $9500ish around June while also threatening to break below our 5.5 year trendline but offering a great entry point with a 5.5 year guarantee.
This is not investment advice, just sharing my observations, do your own research.
Also just some notes from our site vcdepth.io/coins/bitcoin-btc with integrated TV charts, we see that our global order books had gone from $1Billion to around $720Million during this route. We are now sitting at $860M and order books at 1% went from $283M to $260 million. BTC @ 1% orderbooks with overall books and bids and asks separately along with MACD and price action with a line chart, 20SMA, 50SMA and Bollinger.
2017 run lasted 9 months and had 4 distinct runs from $900 to $20,000
2019 run lasted 3 months and had 3 distinct runs from $4000 to $14,000
2020 run, 6 weeks so far and has already had 4 distinct runs from $6900 to ? ($11750?)
-------------
This ascending channel couldn’t be more calculated and in line with historical resistance points. There is an incredibly strong likelihood this was a good entry point and we are about to run up, continuing the current 6 week trend until it hits a major resistance point around the beginning of March (2 weeks from now) establishing a 2 month trend @$11,750.
At $11750 (See circle), there is a major horizontal resistance point, in fact, one that has been a rest-stop for around 2 years now. More importantly we reach the top of our 2020 ascending channel and are almost certainly no way around a healthy pullback. We can expect a pullback from $11,750 to around $11,000 or if it breaks that, $10,500.
I drew a diagonal line in in black to make this look like a massive triangle, but it’s not. Triangles are typical over a few months, maybe you could stretch it to 6 months, but not two years. But this does establish a top trendline over the last couple of years, it tells us that anything over this line is an improvement to the previous top of candle descending trendline. The next big hurdle will be $14k to prove a long term bull price action. How great it would be if these smaller runs represented greater consolidation just before breaching a 2 year (not triangle) and going parabolic!
Its not all roses. There really is a fairly plausible chance that at $11750, we pull back all the way to the 5 year trendline as we complete this. Since we know the approximate width of descending channel, we are looking at probably $9500ish around June while also threatening to break below our 5.5 year trendline but offering a great entry point with a 5.5 year guarantee.
This is not investment advice, just sharing my observations, do your own research.
Also just some notes from our site vcdepth.io/coins/bitcoin-btc with integrated TV charts, we see that our global order books had gone from $1Billion to around $720Million during this route. We are now sitting at $860M and order books at 1% went from $283M to $260 million. BTC @ 1% orderbooks with overall books and bids and asks separately along with MACD and price action with a line chart, 20SMA, 50SMA and Bollinger.