BITCOIN Is this trend-line setting up the tempo?

١٩ يونيو ٢٠٢٠

This is something I came across while experimenting with the Channel Up that Bitcoin has been trading in since March 20th.

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On March 20th was the first peak, a significant development for BTC as it was the first bullish reaction after the dramatic March 12th collapse. As you see this was the first Higher High on a series of three Higher Highs all of which touched a (hidden) middle trend-line on the Channel Up which I believe holds the key to the underlying trend. This is seen in the lower part of the Channel Up, the Blue Triangle.

After that sequence of three Higher Highs was completed, a sharp rise followed above the underlying trend-line. This took BTC to the upper layer of the Channel Up, the Red Triangle. As you see, after that sharp rise hit the top of the Channel Up, a Higher Low was followed on the underlying trend-line. It is interesting that following this another two Higher Lows followed (3 in total) that touched the underlying trend-line. This means that (so far) within the Channel Up, this trend-line has made 3 contact points from below as Higher Highs and 3 from above as Higher Lows.

The pattern becomes more interesting if we look at the LMACD. All the price Higher Highs and Higher Lows of the two Triangles (Blue and Red) are on identical High Low formations on the LMACD. The chart is self-explanatory. This suggests that the two Triangles within the Channel Up are identical.

Does this mean that another sharp rise as on April 29th is next to take place? I assume if the underlying trend-line holds, there is a possibility. Do you think it will, or break the Channel Up downwards and start a new bearish medium term trend? Feel free to share your work and let me know in the comments section!

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