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Ending diagonal Bitcoin W1 chart?

January 13, 2023
by Joseph Jeffriess, Market Analyst

Reversal pattern continues to present on Bitcoins weekly chart.

Hi, we hope everyone is having a pleasant Friday. This morning while doing the rounds, I noticed a good-looking pattern on AVAX and Bitcoins weekly charts. The pattern looks like an ending diagonal, generally seen as a reversal pattern.

As noted in today’s video analysis, we would like to see prices continue to move higher and form a breakout. Bitcoin and Avax have both started testing the upper line and could break clear if momentum can continue. After that point, we would like to see highs and resistance tested and beaten to confirm we have a new trend underway.

A move back to the lower line is a warning and could signal the pattern is failing.

Bitcoin Analysis Video

 

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