Some interesting parallel channel lines

Feb 11

Every single one of these lines has significant resistance and support with price action candle wicks and bodes. We can see that the double top of the last bull market has both of it tops connected by one of these channel trendlines. That same trendline we broke above not too long ago nd t was also during the recent correction the exact level of support for the lowest we’ve gone during the correction. I get the feeling that that trendline is now the new floor on bitcoin. Will be interesting to see how price action responds to these trendlines in the near future. The current top trendline could very well end up being our next big resistance,however on the way there we will be breaking up from a bull flag that has a much higher target than that current top trendline so it may not. I feel probability of the other trendline that connects the most recent major support to the last bull market double top being the new support floor for bitcoin is higher though. It’s currently at 90k. Of course there’s always a chance we eventually correct down to 78k or so to fill the CME futures gap but if so y guess is we will break upward one ore leg first before we were to do anything like that. If we did indeed go down to fill that CME futures gap at some point that is when I believe will be the last time under the current support trendline which is right now sitting around 90k *not financial advice*

Feb 11

Note

The top trendline of these Parnell channels is only at 110k so very decent chance we break above it in the not so distant future. If so Italy be wise to make a clone of that trendline and see few can get it to line up with future price action on the enxt rung above the current top trendline whoever that may end up being.