TjPark

[Tj] Double Bottom and Batty Gartley and patterns to follow

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi, everyone.

As I illustrated in previous posts about possible double bottom , the price range is getting close to $6,000.

Just this morning we were at about $6,500 ish . and from there we saw a small leap towards $ 7,200 area.

There is a high possibility this will turn out to be a bull trap.

there were few bull traps confusing investors whether or not to buy.

Indeed, many of them (including the people I know) fallen for it and now suffering from the loss (even tho it's not THAT significant)

As of now I believe there are two most-likely-to-happen scenarios.

A) of course, the double bottom at $ 6,000

B) Finishing off the bullish Bat

hopefully, either way we could expect some gains over the few weeks.

After Completing the scenario A and B there could be a great leap towards the ceiling of the current (TBD) rising channel , which could lead to possible inverse head and shoulder pattern.

the head and shoulder on my chart could be followed by the double bottom .

Beginning last week, there were a consistent increase in volume which also support either of the scenarios.

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Comment: this is when the head completes near $ 6,500 area. Don't mind comments in Korean. it's only a translation of what you read.
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Comment: Take a closer look at the volume.
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Comment: Inverse Head and shoulder observed.

possible break out in about 12 hours.

this pattern will complete,

ONLY IF volume increase significantly.
yes
+1 Reply
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