Confluence in Parallel Trends for Bitcoin
Bitcoin broke out of its parallel downtrend here back in June of last year. That channel has a first target that is exactly equal with its ATH weekly close. I have an earlier post about this that is linked below.
It has since formed a parallel uptrend and is presently looking like it may attempt a breakout. Should that occur, its TP 1 and 2 are halfway towards and then just a hair above the parallel downtrend's TP 2.
There is confluence here, both in its measured targets for both parallel trends, and in its previous ATH.
It could also form a double top if the breakout reaches previous ATH but then falls back down into the channel.
If we don't see a breakout now, it could move back down towards channel center around 42-46k or channel bottom around 32-36k, and that would shift breakout targets higher (as well as breakdown targets).
Alternatively, there could be a breakdown of the parallel uptrend - and this would also have confluence with a 2nd re-test of parallel downtrend's channel top, which could also form a double-bottom.
It has since formed a parallel uptrend and is presently looking like it may attempt a breakout. Should that occur, its TP 1 and 2 are halfway towards and then just a hair above the parallel downtrend's TP 2.
There is confluence here, both in its measured targets for both parallel trends, and in its previous ATH.
It could also form a double top if the breakout reaches previous ATH but then falls back down into the channel.
If we don't see a breakout now, it could move back down towards channel center around 42-46k or channel bottom around 32-36k, and that would shift breakout targets higher (as well as breakdown targets).
Alternatively, there could be a breakdown of the parallel uptrend - and this would also have confluence with a 2nd re-test of parallel downtrend's channel top, which could also form a double-bottom.
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