The channel displayed above is one of the most pre-historic channels in Bitcoin's history. It's first intersection was back in Nov, of 2011 with a second touch in Aug, 2015 which conceived the channel. IF someone would have used this channel back in the 2017 rally, they would have been able to successfully call the top of 20k.
For almost a decade now, this channel has served as major support and resistance. The midpoint has time and time again served as a major level. Just recently, the midpoint served as major resistance level during the 2019 rally. Successfully stopping Bitcoin in its path.
That being said, every cryptocurrency trader should have this channel saved somewhere. Over the last near decade it has proven to be valuable time and time again.
As for my current prediction on market, I believe BTC will likely range sideways towards channel support while staying in the long term pennant. Once Bitcoin either hits and shows support or breaks the major downward trendline, we may once again continue up to new highs.
For almost a decade now, this channel has served as major support and resistance. The midpoint has time and time again served as a major level. Just recently, the midpoint served as major resistance level during the 2019 rally. Successfully stopping Bitcoin in its path.
That being said, every cryptocurrency trader should have this channel saved somewhere. Over the last near decade it has proven to be valuable time and time again.
As for my current prediction on market, I believe BTC will likely range sideways towards channel support while staying in the long term pennant. Once Bitcoin either hits and shows support or breaks the major downward trendline, we may once again continue up to new highs.
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'The cross that changed everything' Alien91
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walking on glass
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Preparing for resistance
Creator of DepthHouse Indicators on TradingView!
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↣ depthhouse.com/
