BTC Fueling Up For Journey To 28K???
Here on my weekly chart we have a couple of interesting trend lines. First we have a MASSIVE triangle pattern which dates back to July 2017 continuing to coil up currently. Things to consider is that we have not had a new macro higher high in about 2 and a half years, so that being said we COULD still be in a down trend facing resistance ready to plunge currently.
HOWEVER! the fact that we hammered up so fast toward our horizontal resistance as well as the very top of our triangle resistance without getting a violent rejection makes me think the price is currently tapping away as resistance getting ready to smash through. The measured move (height of triangle) would give us a price target of about 27-28k usd. On top of that if we break out of my top resistance triangle line it looks like we will also be breaking above my purple horizontal resistance setting a long awaited higher high. In my opinion this pattern is NOT valid until we see a confirmed breakout but I have been following all white weekly trend lines very closely since March and they've been playing out exactly as expected. EVEN THE COVID DUMP TESTED MY TRIANGLE PERFECTLY!
I assumed after we broke my first line there that we could coil up between my trend lines before a proper breakout. Even with a candle close above my triangle pattern we could hug the resistance as what I would hope to be a flip to support for some time before actually blasting off.
Triangles are my favorite patterns to play so this one makes me excited to watch play out in what could be the not too distance future. With the breakout of a triangle pattern as well as setting a new macro higher high we could really see fomo kick into gear with the start of a proper new bull market cycle which COULD send prices much higher, but 28k is more of a realistic target to shoot for I figure with the measured move :) Of course this isn't an over night type of trade, this is my weekly chart so it would take time to play out IF it does.
HOWEVER! the fact that we hammered up so fast toward our horizontal resistance as well as the very top of our triangle resistance without getting a violent rejection makes me think the price is currently tapping away as resistance getting ready to smash through. The measured move (height of triangle) would give us a price target of about 27-28k usd. On top of that if we break out of my top resistance triangle line it looks like we will also be breaking above my purple horizontal resistance setting a long awaited higher high. In my opinion this pattern is NOT valid until we see a confirmed breakout but I have been following all white weekly trend lines very closely since March and they've been playing out exactly as expected. EVEN THE COVID DUMP TESTED MY TRIANGLE PERFECTLY!
I assumed after we broke my first line there that we could coil up between my trend lines before a proper breakout. Even with a candle close above my triangle pattern we could hug the resistance as what I would hope to be a flip to support for some time before actually blasting off.
Triangles are my favorite patterns to play so this one makes me excited to watch play out in what could be the not too distance future. With the breakout of a triangle pattern as well as setting a new macro higher high we could really see fomo kick into gear with the start of a proper new bull market cycle which COULD send prices much higher, but 28k is more of a realistic target to shoot for I figure with the measured move :) Of course this isn't an over night type of trade, this is my weekly chart so it would take time to play out IF it does.
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