BTC - Sweet & Simple
Here we have a very clean and simple BTC chart to look at. It is a giant symmetriacl triangle (blue trendline) that has been forming for the last 3 months with 4 touchpoints to the upside (red arrows) and 2 touchpoints to the downside (green arrows).
Based on this chart, we should be seeing a move back towards the top.
There are two scenarios that could play out based on this chart. We could see something totally new, which would send us to the upside, get a 3D close above 71.3k, which would also be a breakout of this triangle, and continue to new highs.
Or we could see something similar to the 2020 breakout. this would mean we have fairly boring price action pingponning back and forth within this triangle pattern until we reach the apex which would be around Dec 2024/Jan 2025.
This would be the exact same timeframe we saw the breakout of 20k (previous ATH) in 2020. We broke 20k around mid December 2020 which sent us on a 100%+ rally during the next 30 days!
Based on this chart, we should be seeing a move back towards the top.
There are two scenarios that could play out based on this chart. We could see something totally new, which would send us to the upside, get a 3D close above 71.3k, which would also be a breakout of this triangle, and continue to new highs.
Or we could see something similar to the 2020 breakout. this would mean we have fairly boring price action pingponning back and forth within this triangle pattern until we reach the apex which would be around Dec 2024/Jan 2025.
This would be the exact same timeframe we saw the breakout of 20k (previous ATH) in 2020. We broke 20k around mid December 2020 which sent us on a 100%+ rally during the next 30 days!
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