Expanded Flat Correction lines up with Various Pattern Targets
Here's a more bullish chart for Bitcoin, should the expanded flat correction play out and take us to a new ATH:
*** This idea requires DXY to turn back and continue its downtrend, a resumed uptrend would likely negate this ***
Expanded Flat stopped just below the 1.618 on the trend-based fib measurement (logarithmic), first stop after crossing ATH and 100% would be ~87500 at the -0.382 fib, then ~105k at -0.618, ~144k at the ~100%, and potentially even ~237k at the -1.618
All of the above (expanded flat fib extension) lines up with several common pattern targets and the fib retracement from our previous March 2020 low to our last ATH:
1.) 2018-20 Triangle - has a measured 1x TP 1 at 81k, very near the 87.5k target mentioned above. Then a 1.5x TP 2 at 241k, which very nearly matches the 1.414 fib retracement @ 225k and the expanded flat's trend-based -1.618 fib extension at 237k.
2.) Present Weekly Falling Wedge - has a measured 1.5x TP 2 at 87k, matching the expanded flat target at -0.382. The 2x measured target is at ~141k, less than 3k under the -100% trend-based fib ext from the expanded flat.
3.) The entire idea above fits perfectly into a logarithmic parallel channel uptrend.
I've drawn a couple of suggested paths here within the channel, one not reaching channel top and the other reaching top, both then heading to channel bottom. If the move stays within the channel through 2025-2026, it could reach 323k.
*** This idea requires DXY to turn back and continue its downtrend, a resumed uptrend would likely negate this ***
Expanded Flat stopped just below the 1.618 on the trend-based fib measurement (logarithmic), first stop after crossing ATH and 100% would be ~87500 at the -0.382 fib, then ~105k at -0.618, ~144k at the ~100%, and potentially even ~237k at the -1.618
All of the above (expanded flat fib extension) lines up with several common pattern targets and the fib retracement from our previous March 2020 low to our last ATH:
1.) 2018-20 Triangle - has a measured 1x TP 1 at 81k, very near the 87.5k target mentioned above. Then a 1.5x TP 2 at 241k, which very nearly matches the 1.414 fib retracement @ 225k and the expanded flat's trend-based -1.618 fib extension at 237k.
2.) Present Weekly Falling Wedge - has a measured 1.5x TP 2 at 87k, matching the expanded flat target at -0.382. The 2x measured target is at ~141k, less than 3k under the -100% trend-based fib ext from the expanded flat.
3.) The entire idea above fits perfectly into a logarithmic parallel channel uptrend.
I've drawn a couple of suggested paths here within the channel, one not reaching channel top and the other reaching top, both then heading to channel bottom. If the move stays within the channel through 2025-2026, it could reach 323k.
DXY (weekly) would need to turn down from the green box below; at the very least to get an extended recovery.
For crypto and stocks to reach new ATHs, it needs to get down into and eventually under the red box.
But.. at the moment DXY's RSI is within a channel pointing towards further upside, and if you zoom out to its 3 month chart, it shows a giant falling wedge pattern with a strong breakout, followed by a channel with a breakout and so far success on re-test of channel top. Here's the weekly DXY chart showing that channel re-test: