ðĨ Bitcoin Parallel Channel: Last Chance For The Bulls
In my previous BTC analyses I've been predominantly bearish. However, that doesn't mean that the bulls stand zero chance in the near future.
When we connect the 2019 top with the 2021 top via a parallel channel, we can see that we're closing in on the bottom support of the channel. In my view, this is the last chance for the bulls to stop us from falling below $25k. Interesting to see how this channel will play out.
However, I think that the channel won't hold. We're in too much uncertainty at the moment with stock markets crashing and inflation increasing beyond the FED's control. My current view is that we're going to the 200-week moving average, as per my post below.
When we connect the 2019 top with the 2021 top via a parallel channel, we can see that we're closing in on the bottom support of the channel. In my view, this is the last chance for the bulls to stop us from falling below $25k. Interesting to see how this channel will play out.
However, I think that the channel won't hold. We're in too much uncertainty at the moment with stock markets crashing and inflation increasing beyond the FED's control. My current view is that we're going to the 200-week moving average, as per my post below.
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