The correct interpretation of the bottom in Bitcoin is a double walled fulcrum, bordering on a compound fulcrum. This is an EXTREMELY rare chart construction. The initial target of 25,500 is within striking distance, and it is EXTREMELY important for Bitcoin to reach this level quickly, lest severe testing the fulcrum could occur.
Step 1. Invent new jargon - "double walled fulcrum" as if this is an accepted concept in TA. Step 2. Explain that it is exceedingly rare. This helps to cover the fact you just made up random jargon. Step 3. The lemmings all follow the inventor and cannot think for themselves. Nobody asks what a single walled fulcrum bottom or a triple walled fulcrum would be. That would spoil the illusion. Step 4. Remain invincible as nobody can question you on a pattern that doesn't exist and for which you've provided no prior examples. Step 5. Profit.
RonSwan
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@maraco28163, "I've never heard of this, therefore he must have made it up!" Great argument.
noble1ones
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@RonSwan, The Fulcrum originates from Point & Figure charting. You may like to look into De Villiers & Wheelan for a more in depth explanation.... Jeremy du Plessis has a good book that mentions it, titled: The Definitive Guide to Point and Figure, chapter 3, page 165... As he says, Fulcrums are simply a combination of basic patterns that have many variations.
Another book that mentions it goes by the title: Technical Analysis The Complete Resource For Financial Market Technicians, Charles D. Kirkpatrick, Julie A. Dahlquist, page: 344. As an example they mention: 2 Fulcrums side by side is called a compound Fulcrum. All the best!
maraco28163
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@noble1ones, thank you. Finally a sensible answer. But still not reference to the "double walled fulcrum". Getting closer though and I appreciate your reply.
maraco28163
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@RonSwan, it appears you don't have a reference either.
noble1ones
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@maraco28163, "Fulcrum Point", Investopedia........... All the best!