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Purpleman.base.eth 🎩
@jenson
I've had a few requests for a Bitcoin chart so here's a look at the daily timeframe. Bitcoin has been in an epic battle between bears and bulls and is at an absolutely critical point. Analysts across the world are currently arguing over what might come next in the short term future. What I have been watching since November 2021 is this large gold parallel channel. We broke back into the channel in Nov 23 and then confirmed it as support in Jan 24. Once support was confirmed we saw a beautiful 94% run up to $73k in March 24 before we spent the next 8 months fighting over the midline of the channel. In Nov 24 the bulls finally emerged victorious and broke us out to the upside with another 65% run up to our all time high of $109k. Zooming in we can see that since November bulls and bears have been slugging it out over holding the top of the channel and this has created a megaphone pattern with higher lows as well as higher highs.
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Purpleman.base.eth 🎩
@jenson
This type of pattern is common at highly disputed price points and leads to liquidations on both sides of the order book. Currently bears are in control, they have taken a big scalp by breaking the lower trendline in the past two days. The bearish scenario is a potential move back to the March 24 high at $73k or even potentially all the way back to the middle of the channel at around $65k. There is a some hope for the bulls however as price has just today broken below the 200 day exponential moving average. We would expect to see buyers stepping in and attempting to mount a last ditch defence here to reclaim the 200 EMA. If the EMA is reclaimed as support then we may see bulls trying to take us back to the top of the channel again at around $99k/100k, at this point it would then be the bears turn to defend. I don't think the battle is over by a long shot.
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