This is an interesting pattern that I can see. The current price action resembles two previous patterns both of which delivered +50% gains on their final stage.
The pattern has 4 phases before the major rise:
* Sell off, where the price is aggressively sold after a peak. Possibly profit taking.
* Accumulation, where buyers emerge and defend the support.
* Recovery, where the peak before the sell off is recovered.
* Consolidation, where the majority of buyers join in before the +50% rise.
I don't know if Bitcoin can deliver such a rise this time mainly due to the 1W Descending Triangle bias and investor psychology after trading sideways on Lower Highs for over 2 months, 12k is an more immediate target i am looking at to be hit. The medium term bias remain neutral towards a monthly consolidation. But it is interesting bringing that pattern up as the similarities are too obvious to ignore.
After all keep in mind that the current levels still present a long term buy opportunity we are unlikely to see again.
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LIT Capital
https://t.me/litcapsignal
Trade safely and secure the bag by all means.
Because everyday is Money day!
The pattern has 4 phases before the major rise:
* Sell off, where the price is aggressively sold after a peak. Possibly profit taking.
* Accumulation, where buyers emerge and defend the support.
* Recovery, where the peak before the sell off is recovered.
* Consolidation, where the majority of buyers join in before the +50% rise.
I don't know if Bitcoin can deliver such a rise this time mainly due to the 1W Descending Triangle bias and investor psychology after trading sideways on Lower Highs for over 2 months, 12k is an more immediate target i am looking at to be hit. The medium term bias remain neutral towards a monthly consolidation. But it is interesting bringing that pattern up as the similarities are too obvious to ignore.
After all keep in mind that the current levels still present a long term buy opportunity we are unlikely to see again.
For FREE signals join my telegram channel
LIT Capital
https://t.me/litcapsignal
Trade safely and secure the bag by all means.
Because everyday is Money day!