3 Peaks and a Domed House Pattern Could Take Btc to $5200-$500.
The "three peaks and a domed house" pattern was identified by George Lindsay nearly 70 years ago.
The pattern can be identified by a parabolic move up followed by a period of consolidation with three peaks.
The three peaks are followed by a drop to previous support levels, a dead cat bounce, and finally the final drop to the general vicinity of the start of the pattern.
What follows is a period of consolidation (in this case, we'd be filling in a large volume gap between $5250 and $7500) and then an explosive move to a new high.
The pattern can be identified by a parabolic move up followed by a period of consolidation with three peaks.
The three peaks are followed by a drop to previous support levels, a dead cat bounce, and finally the final drop to the general vicinity of the start of the pattern.
What follows is a period of consolidation (in this case, we'd be filling in a large volume gap between $5250 and $7500) and then an explosive move to a new high.
Comment:
My apologies, I realized after publishing I did a poor job of drawing this to scale. I would expect the initial drop to happen some time in August and the consolidation to end sometime near the end of October or Early November.