We may come back down and retest the top trendline of the symmetrical triangle before takeoff but to me this looks like probability will favor and validate this pattern breakout. Being a monthly chart it may take several months to reach the breakout target but based on this simple macro pattern we are likely in for a very bullish 2021. Of course we are only just now on our confirmation candle for this pattern we must keep in mind that so far we only have 1 candle closed above it on the monthly..closing the current followup monthly candle above the pattern as well would be a very bullish sign in my opinion *not financial advice* if it were to hit its full target we should see price action reaching above 28k I'm guessing no later than Q2 of next year and a new ATH significantly sooner. *not financial advice*
Comment:
we can see that btc has had a temporary top at 12.5k. Many are expecting the price to come down and fill the gap at 9.6k including myself...however I think there's a real possibility we dip even lower than that in order to retest the top trendline of this monthly triangle pattern as solidified support at 8.6k. On average corrections during a bull market are around 31-42% and 8.6 k is right at 31%. So that makes for some really good confluence...even if we don't fall that low however if we break below the weekly inv h&s neckline at 10.5k I think the 9.6k gap fill is a guarantee.
Comment:
if you hit play on this chart you can see that this measured move is playing out beautifully we are now 3/4ths of the way there.
Comment:
Target hit precisely!!!