Stacks / BTCLong
Stacks | Basic Technical Analysis Predicts Bullish Wave
For the market to be bullish and to continue bullish, it must produce higher lows, so we expect Stacks to end its correction higher now than the low it hit in November 2023; makes sense?
➖ In January 2023 STXBTC produced a strong bullish wave. This up-move led to a correction and the correction can only end in a low. This low happened in November 2023 and this low is higher than the low that was hit before the start of the bullish wave in January 2023.
The same pattern then repeats.
➖ In November 2023 STXBTC starts a new strong bullish wave. This up-move leads to a correction and the correction can only end in a low. This low happened recently, early August (5-Aug. 2024) and this low is higher than the low that was hit before the start of the bullish wave in November 2023.
➖ Higher highs and higher lows. That's what you just read above.
This means that we have a bullish trend.
We draw two trendlines: One on top and one at the bottom.
When the top of the trendline, channel, is hit, prices move down.
When the bottom of the trendline is hit, prices move up.
Now that the lower trendline has been challenged, we can assume that prices will move up. This is only an "assumption." Prices don't necessarily need to move up but this is technical analysis, we use past action to predict the future.
Thanks a lot for your support.
Namaste.
➖ In January 2023 STXBTC produced a strong bullish wave. This up-move led to a correction and the correction can only end in a low. This low happened in November 2023 and this low is higher than the low that was hit before the start of the bullish wave in January 2023.
The same pattern then repeats.
➖ In November 2023 STXBTC starts a new strong bullish wave. This up-move leads to a correction and the correction can only end in a low. This low happened recently, early August (5-Aug. 2024) and this low is higher than the low that was hit before the start of the bullish wave in November 2023.
➖ Higher highs and higher lows. That's what you just read above.
This means that we have a bullish trend.
We draw two trendlines: One on top and one at the bottom.
When the top of the trendline, channel, is hit, prices move down.
When the bottom of the trendline is hit, prices move up.
Now that the lower trendline has been challenged, we can assume that prices will move up. This is only an "assumption." Prices don't necessarily need to move up but this is technical analysis, we use past action to predict the future.
Thanks a lot for your support.
Namaste.
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