DrDovetail
Long

Possible ascending triangle bull pennant has a target of 10778

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
btcusd has been consolidating inside an ascending triangle on the 4hr chart for a bit now and will likely continue at least one more leg up before the anticipated first real correction of this current bull run. On the 1 day chart shown here we are seeing that the triangle may not just be a triangle alone but also possibly a bullish pennant . If the bullish pennant is validated the breakout target is around 10,778 dollars. If only the ascending triangle itself is validated the target will be under 10k. You'll notice a few ideas back from this one I posted how I anticipate that much like the beginning of the last bull market and much like litecoin's price most recently displayed that odds are very good that we will see a 78.5% increase in bitcoins price from the point of its golden cross which when I did the math was in the 9.6k range. For that reason I have been saying that I don't think we will see a significant correction until we reach the 9.6-9.9k range. We have a very very significant horizontal resistance line here just under 10k at 9.9k and it could very easily be the rejection zone where our first significant correction begins. Of course if this bull pennant is validated, fomo can potentially take us as high as 11k before the rejection. Were the 9.9k zone to maintain strong resistance and instigate the correction however we would have essentially finished forming the body of a huge cup and handle and will have started forming its handle which when broken could send us skyrocketing. there may also be potential of forming a cup at the 11k range too though so I will have to take a look at that and get back to you on it. Lastly, even though this ascending triangle pattern has yet to have broken yet we just broke above an inverted head and shoulders pattern on the 4hr chart which has a breakout target that will send us right back up to the current strong horizontal resistance at $8504 and up out of the ascending triangle which should trigger the additional momentum we need to overcome the horizontal resistance line. There is a slight risk of a triple top a 8503 so keep an eye on that which if it were to form then our correction could come then but probability much more highly favors we break above it and head to at least 9.6k
May 24
Comment: I will follow this idea up with a look at the 4hr inverted head and shoulders pattern we are breaking out of.
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