If you are wanting BTC to breakout this is a very important chart. There is a chance IBIT is frontrunning the BTC breakout.
For the past 45 days IBIT has been forming some sort of parallel channel breakout with the top trendline being our orange trendline. We have had many touchpoints of resistance on this trendline (red arrows). Recently price broke out to the upside and re tested our orange trendline as new support (green arrow). This is a really good early signal of continuation to our 1.618 extension level. In addition to the trendline retest we have also seen the ltf 0.618 Fibonacci level holding as support.
However BTC is the main factor of if this will be a successful breakout or not. Right now BTC is still struggling with our red trendline of resistance. If BTC fails and starts to fade then IBIT will fall to and this will become a failed breakout. Will update this post when more confirmations develop.
For the past 45 days IBIT has been forming some sort of parallel channel breakout with the top trendline being our orange trendline. We have had many touchpoints of resistance on this trendline (red arrows). Recently price broke out to the upside and re tested our orange trendline as new support (green arrow). This is a really good early signal of continuation to our 1.618 extension level. In addition to the trendline retest we have also seen the ltf 0.618 Fibonacci level holding as support.
However BTC is the main factor of if this will be a successful breakout or not. Right now BTC is still struggling with our red trendline of resistance. If BTC fails and starts to fade then IBIT will fall to and this will become a failed breakout. Will update this post when more confirmations develop.
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