This is a short update to explain the price movements of today in terms of yesterday’s prediction.
In the post “BTC update” yesterday I explained that BTC was both in a channel (forming a bull flag) and a converging triangle (signalling a breakout) as shown below:
From https://mentormarket.io/bitbrain/btc-update/
The triangle has now broken out – with some noteworthy results.
Made by Bit Brain with TradingView
The triangle broke downwards:This was obviously not the positive breakout from the channel as I had hoped it might be.The price dip to a new 2019 low of approx $3380 did not break through the bottom of the channel: The channel remains intact and that the bull flag scenario is still in play.While still remaining in the channel, the probability that