Updating my prediction. One thing to note about how I draw trend channels.
Every trend break needs a new extreme. So if trend is up, we'll have a correction that breaks the channel, then when the sellers fade away, prices will attempt to make a new extreme.
This is fundamental to how I track price action.
So, how does that relate to my updated BTC chart?
Initially I felt that the larger green channel (which just revealed itself last week after the steep drop), needed to have it's own Break-2-NewHigh.
But after close examination, I feel that we've already had that move play out, as seen by the thick green line.
So at this point, I feel that BTC has explored the highs (3 times), and will now seek to challenge the support levels.
🤙🏽
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Updating my prediction. One thing to note about how I draw trend channels.
Every trend break needs a new extreme. So if trend is up, we'll have a correction that breaks the channel, then when the sellers fade away, prices will attempt to make a new extreme.
This is fundamental to how I track price action.
So, how does that relate to my updated BTC chart?
Initially I felt that the larger green channel (which just revealed itself last week after the steep drop), needed to have it's own Break-2-NewHigh.
But after close examination, I feel that we've already had that move play out, as seen by the thick green line.
So at this point, I feel that BTC has explored the highs (3 times), and will now seek to challenge the support levels.
🤙🏽