History Repeats Itself? | Bitcoins Triangles And Channels
When I was looking at the chart of
BTCUSD
, I noticed something familiair on the chart. In my previous posts I talked about the ascending triangle and the possibility of a false breakout. That false breakout dream seemed to be false however I think we're looking at something which forces us to flip our opinion yet again.
When I look at it now, I see a ascending triangle followed by a parallel channel. Then i remembered the previous bullish setup on Bitcoin. That setup also included a ascending triangle, which broke out bearishly, which was also followed up by a parallel channel.
So if we zoom in on the current falling channel, we can see a switch in the trend. The trend shifted from falling to going sideways. This implies the falling channel is almost to an end and is about to break to the upside. If this is the case and I think it is likely, then the probability of Bitcoin going lower has been decreased drastically.
I notice me flipping from bullish to bearish and back frequently in this period. The data is constantly updating and so is my opinion on the price. With the new data, I am switching back to being bullish on Bitcoin.
BTCUSD
, I noticed something familiair on the chart. In my previous posts I talked about the ascending triangle and the possibility of a false breakout. That false breakout dream seemed to be false however I think we're looking at something which forces us to flip our opinion yet again. When I look at it now, I see a ascending triangle followed by a parallel channel. Then i remembered the previous bullish setup on Bitcoin. That setup also included a ascending triangle, which broke out bearishly, which was also followed up by a parallel channel.
So if we zoom in on the current falling channel, we can see a switch in the trend. The trend shifted from falling to going sideways. This implies the falling channel is almost to an end and is about to break to the upside. If this is the case and I think it is likely, then the probability of Bitcoin going lower has been decreased drastically.
I notice me flipping from bullish to bearish and back frequently in this period. The data is constantly updating and so is my opinion on the price. With the new data, I am switching back to being bullish on Bitcoin.