BTC
Learning Point
Today, I decided to re-draw the parallel channel for BTC as I noticed that I have a tendancy to put a bullish parallel channel on bearish price action (I did the same thing when analysing the US10Y).
By do so, I wrongly start to anticipate the price action rallying to the upside:
Once I re-drew the parallel channel, however, I was immediately able to notice the immediate difference.
That said, I guess a more accurate chart would represent both the bullish and bearish possible scenarios:
Well done Tom, let’s see how this all plays out.
Next Action
- Remember to draw the right parallel channel for both bullish and bearish price action possibilities.
