BITCOIN: Go! 70K!
2024-09-24

Hello everyone,

In this post, we’ll be looking at the  ‘Parallel channel.’ 

Before we dive in, I recommend checking out my previous analyses to build confidence in the points I’m about to make.

 Previous Insights (On Target): 
1. Bitcoin - Analyzing the 3 Market Phases


2. All About the Flag Pattern (Beginner-Friendly)
 

 Main Point: 
Right now, we are in a long-term downward channel, and we're in the process of testing support at the midline.

 As I’ve often said: 
 “Downward channels tend to break upward, and upward channels tend to break downward. This is textbook behavior.” 
 Currently, we're in a downward channel, and if we follow this textbook movement, the likely scenario is an upward breakout. Additionally, if you look at the blue upward channel, we haven't seen the fourth touchpoint yet. Breakouts often occur after this fourth touchpoint, so it’s something to keep an eye on. The pink path in my analysis shows the expected price movement using these two channels. 
 I predict we could go up to around 70K, and I plan to trade accordingly. 

Good luck with your trades!

 ✔️ This is not a buy or sell recommendation.
✔️ It reflects a personal viewpoint and is intended for reference only.
✔️ All decisions and responsibilities lie solely with you.