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Did anybody see the ascending triangle on $BTC yesterday? It was a textbook setup which led to an explosive breakout! September 26, 2022 – Bitcoin 15-min chart ascending triangle breakout Despite being a good-looking pattern on the 15-min/1-hr chart, the move was counter-trend to the higher timeframes. Here’s how the breakout registered on a daily chart. September 27, 2022 – Bitcoin daily chart with topping tail left behind from breakout On the 4-hour chart below, you can see that $BTC struggled to get over prior resistance from a few weeks ago. It followed US stocks today which also dumped after hitting resistance. This is what I was referring to in the previous post about aligning with higher timeframes and having more ‘room to run.’ September 27, 2022 – Bitcoin 4-hour chart shows resistance at $20k area On a weekly chart we’re still coiling inside a descending triangle below the declining 8/20 MA’s. This is considered a bearish continuation pattern. September 27, 2022 – Bitcoin weekly chart descending triangle consolidation You have to use a monthly chart to find the next meaningful level at the $14k area. On this timeframe, it is obvious that Crypto is still in a Stage 4 Markdown of the Wyckoff Market Cycle. September 27, 2022 – Bitcoin monthly chart Stage 4 Markdown Am I saying that we’re headed to $14k? It’s anybody’s guess. However, if we lose the $17.6k support area, then that is the next likely target. Similar to how I stated back in February that $20k was a possibility if the downtrend continues (got laughed out of town for drawing crayon lines). Disclaimer: Not financial advice. For educational purposes only. submitted by /u/Cranky_Crypto to u/Cranky_Crypto |