BTC - My Prediction as Prices stand on the Cliff

21 Ağu 2022

Trend break

then 2 legs to a new high

then deep deep correction

What do you think?

🤙🏽

24 Ağu 2022

Not

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.

🤙🏽