Chart of the Day - Friday, January 17, 2025

Patrick Dunuwila
January 17, 2025

Chart of the Day


🏆 Today's Chart of the Day was shared by Arun Chopra (@FusionptCapital). 
 

  • Bitcoin is up more than +10% this week. It's flirting with all-time highs again, notching its fourth-highest close in history today at $104,119.
     
  • After a solid post-election breakout, it rolled over into a potential Head & Shoulders Top. On Monday, the bears were trapped as Bitcoin shook out the weak hands below the neckline at $90k, marking a Failed Breakdown. 
     
  • This textbook topping pattern has failed. Remember, it's often bullish when bearish patterns fail like this. If Bitcoin clears $105k over the weekend, the next major Fibonacci extension is around $150k. 
     

The Takeaway: Bitcoin is flirting with all-time highs after invalidating a two-month Head & Shoulders Top. It's often bullish when bearish patterns fail. 

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