The New Ascending Channel is on Bitcoin Price Chart

After touching 60K, price drop on Bitcoin price chart stopped. Bitcoin price is in consolidation. After this consolidation, Bitcoin price will decide to go up or down. Lots of investors are trying to predict the future move after consolidation. During this consolidation a new ascending channel appeared on Bitcoin price chart.

Here you can see daily chart of Bitcoin price. Bitcoin price is in mini bullish trend in this week. It is going up. I drew paralel line from the bottom. An ascending channel appeared on Bitcoin price chart. Bitcoin price may touch the top line of this asceding channel in a few days and may reverse down from this level.

We may see the same scenario. There is no reason to be bullish. We should careful for possible ascedning channel. You can see what happened after breaking down this ascending channel.

Here you can see the indicators on daily chart of Bitcoin price. There was possitive divergence on RSI Indicator. I shared a few analysis about this possitive divergence and we saw the result of this divergence. This is why Bitcoin price went down this week.

Fisher Indicator is on the top and may reverse down a few days later. There is uptrend line on MACD Indicator. If we see reverse down on Fisher Indicator, MACD Indicator may break down this uptrend line.

So, it is so possible to see the pattern on Ascending channel. These patterns brings price drop. We may see price drop after this pattern. But It is early to say that. We should see completing of this pattern.

We will see..

Posted Using INLEO