Bitcoin is currently in an ascending consolidation channel, breaking down each of the last 4 times.
Given BTC's consistency/tendency with ascending & descending channels, expectation is to see $BTC price breakdown as inflation reporting and FOMC draw nearer.
Pretty straightforward approach to assess $BTC price/direction.
Once PA sets a consolidation channel, determining channel preference (ascending or descending), price action assessment is simplified.
If Bitcoin is in an ascending channel, price typically breaks down as it comes our of the channel's range.
Conversely, descending channel consolidation results in price breakouts.
Interesting side note, both rallies resulting in ATH's in 2021 also resemble relatively consistent head & shoulders patterns.
Given BTC's consistency/tendency with ascending & descending channels, expectation is to see $BTC price breakdown as inflation reporting and FOMC draw nearer.
Pretty straightforward approach to assess $BTC price/direction.
Once PA sets a consolidation channel, determining channel preference (ascending or descending), price action assessment is simplified.
If Bitcoin is in an ascending channel, price typically breaks down as it comes our of the channel's range.
Conversely, descending channel consolidation results in price breakouts.
Interesting side note, both rallies resulting in ATH's in 2021 also resemble relatively consistent head & shoulders patterns.
