Crypto Space Summary: Currently, there are a lot of daily divergences in the crypto space, I do believe that coins/tokens/etc, will be popping off at different times in the market, so its possible to make a lot of compound gains. Keep an eye out for good set-ups.
You can see there are a similar pattern in the April price jump. The similarity is more apparent when you compare against the 4 hour time frame.
So we all know that bitcoin likes to put on a show, and I think that's what we might get here. I am about 60% and 40% at the moment, and I am only because its still possible that bitcoin breaks out in a downwards direction and I am pulling this pattern out of my ass.
1.) First, I would like to mention that the , is showing a symmetrical triangle, so it is possible that bitcoin moves in either direction. In addition, I would like to mention that the lower bound is trending higher (that's half of what makes it a symmetrical triangle by definition) however, the price of bitcoin more or less is at roughly the same spot, other than a small arch, so although this is not technically a , I think that there is something odd happening with the price in relation to the . In essence what I am saying is that the is forming a symmetrical triangle, and the charts are forming a type of with virtually the same low, this means that the top of the triangle on the is providing resistance, so, I suspect we will break it. Looking at the weekly , there are several failure swings, because of how the is calculated using the closing price, as opposed to the lowest points. Because the closing price is lower on each weekly bottom, but the move slightly higher. I know its really small, but its there.
2.) This triangle has weird mix between a flat bottom, and a rounded one. On the weekly, the bottom of the real bodies have more a flat bottom; however, on the daily, the real bodies form a flatter bottom towards the center of the arch and then it begins to slowly trend upwards. While at the right end (currently) it looks like a type of tower bottom, in which candle sticks at the lower price point are declining in size emphasizing a possible shift in market dominance and the selling is weakening, so it appears that there could be a large spike.
3.) This could be a type of , known as an eve and eve , in which both bottoms are slightly rounded, and the second bottom has less than the first one. IF this is the case as well, then the analysis would be similar and the price objective of both of them would be around 8000 and if it does break upwards, then I see 10000 as a strong possibility.
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IF it doesn't break the , my previous analysis still holds, and we are in a prolongs bear flag: