I just posted a version of this channel on the 3 month chart timeframe, however looking at the month time frame I also found some bullish confluence to confirm this potential channel. A deeper correction now that we have retested the top trendline of this potential channel would not surprise me from here. I arbitrarily put the measured move lines for when we could break up from this channel around May 2024, simply because the halvening occurs in mid to late april so it seemed like a reasonable area to expect us to finally overcome this channel. We’re we to break up from the channel in that exact spot, the measured move for the channel breakout on its own looks like it would take us to 80k. If it was more than just a channel and also a valid bull flag the measured move I get for the bul flag appears to be slightly under 100k. On the 3 month chart the bull flag was slightly over 100k but that may also be because I placed the measured move line arbitrarily earlier than may as I have done for this 1 month chart representation. Will be interesting to see how this plays out. The silver lining here is that if this channel is valid and price is about to flip back to the down trend for a few it is simply another opportunity to accumulate for the upcoming liftoff which is likely to occur post halvening. *not financial advice*
Comment:
We have seen price get rejected by the top trendline of this purple channel 3 times already on the daily chart, however it doesnt fall too far before going back for a retest. Now that 2024 has hit we have officially closed 1 daily candle above the top trendline of the channel. I’m guessing we need to at least close 1 weekly candle above the channel before we can even think about triggering the breakout from it so for now we are still very much so in the fake out zone. However if the etfs get approved here we might see a confirmation before we get all that many weekly candle closes above the top trendline.
