Intersecting Bitcoin Channels
Today I'd like to share with you something I have found and have been watching now for some time.
A couple weeks ago I ran a pitch fan on the current run we are in (White Channel). I based this off the breakout candle on the 21st of October after our accumulation fractal. I then used our strong support as the bottom of the fan, and the top being our peak so far. You can see we have recently broken this strong support line to the downside.
Now here is where it gets interesting.
I looked back at the two previous bull runs of 2017 and 2019. I saw the same accumulation fractal and breakout candle. So I decided to run pitch fans on both runs at the same breakout point for each (2019 being the Blue channel and 2017 being the Orange) to see where these channels would be today. As you can see, the intersecting channels have provided pretty compelling levels of resistance and support through our current run.
I may be looking way too deep into this, but thought I'd share this find and see what you guys have to think!
This is not financial advice.
-BS
A couple weeks ago I ran a pitch fan on the current run we are in (White Channel). I based this off the breakout candle on the 21st of October after our accumulation fractal. I then used our strong support as the bottom of the fan, and the top being our peak so far. You can see we have recently broken this strong support line to the downside.
Now here is where it gets interesting.
I looked back at the two previous bull runs of 2017 and 2019. I saw the same accumulation fractal and breakout candle. So I decided to run pitch fans on both runs at the same breakout point for each (2019 being the Blue channel and 2017 being the Orange) to see where these channels would be today. As you can see, the intersecting channels have provided pretty compelling levels of resistance and support through our current run.
I may be looking way too deep into this, but thought I'd share this find and see what you guys have to think!
This is not financial advice.
-BS
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