It has been hard to gauge bitcoin lately as it has been in this triangle. The tops that presented themselves did not hit their price objectives, however, they were tops nonetheless. Despite being tops, they may not have a retracement--patterns do not always hit their price objectives. Also, I also like to remind myself that there are two forms of correction, a correction over time and correction over price. A correction over time is a correction that takes place over time such as a consolidation; a correction over price is a retracement of the prior move. It should also be noted that we should not be dichotomous and that a correction could be a combination of the two.
The Chart
In the chart, the first thing I would like viewers to notice is the purple circles and the green box coinciding with the pattern in that region. The green box is an accumulation zone, and it is a strong zone. It is a region in which there was a pause on the upward movement and then the completion of the full movement. The same goes for this triangle and we have seen all major bottoms occur in this region as well. In addition the daily RSI refuses to cross into the bearish zone which is a bullish sign.
Price Action:
I am expecting a gradual increase as the triangle completes something which I tried to denote by the orange curve which would lead into another parabolic move.
A Rhyme:
Previous Analysis:
The Chart
In the chart, the first thing I would like viewers to notice is the purple circles and the green box coinciding with the pattern in that region. The green box is an accumulation zone, and it is a strong zone. It is a region in which there was a pause on the upward movement and then the completion of the full movement. The same goes for this triangle and we have seen all major bottoms occur in this region as well. In addition the daily RSI refuses to cross into the bearish zone which is a bullish sign.
Price Action:
I am expecting a gradual increase as the triangle completes something which I tried to denote by the orange curve which would lead into another parabolic move.
A Rhyme:
Previous Analysis:
