Bitcoin - Have we just witnessed a massive shakeout?

There has been a few enquires on how much further price action will fall. I don’t know.
However I'm a data scientist and that means I like looking for patterns.

There’s a lot interesting confluence at the moment at the same time most of tradingview.com is publishing “short” ideas and yet from a quick scan of the ideas shared I've not seen many ask the question:

Why was price action arrested just shy of sixty thousand dollars?

On the above daily chart two flag patterns are shown. Actually I should say one, because there is some very intriguing facts about those flags, and that is:

1) The angle of each flag is exactly the same, 172 degrees. In other words the candlestick touch points of the previous flag are mirrored by the second without deviation. Coincidence?

2) Lower test points, exactly 42 bars part. From the first to the last exactly 42 days came to pass. And what is the answer to the ultimate question of life, the universe, and everything is?

42


3) If the same touchpoint theory is used for the upper touch points then price action breaks out of the upper flag around May 10th to continue its journey to $110-120k.

Ww

Comment:

PS: Why the angles do not align on the published chart like they do on my own, I don't know. But they do.

Trade active:

Price action confirms 42 is indeed the answer to the ultimate question of life, the universe , and everything.

Perhaps you have noticed as I have done that with every dip sellers move price action below 62k a spike in demand is seen. This occurs at the same time as I listen and read messages of "Wait for 52-55k first"

I'm having that "Wait for 10k first" Deja-vu all over again.


Daily