TradingShot

BITCOIN Targeting $16000 within July.

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Breaking above 12400 meant for Bitcoin the restoration of the bullish trend as discussed on this idea below:


Since late April, the price has been following a very specific pattern with three distinct phases:

Phase 1: Parabolic Rise.
Phase 2: Inverse Head and Shoulders .
Phase 3: Channel Up.

The Parabolic Rise aggressively pushes BTC higher until it reaches a peak. The Inverse Head and Shoulders serves the purpose of deflating this rally with a sharp pull back and consolidation before the Channel Up slowly pushes it to a new peak.

We are currently completing the Inverse Head and Shoulders pattern and at the same time having already started trading within the Channel Up.

Notice how the current cycle is more aggressive than the previous one both on the parabolic rise and the pull back on the Inverse Head and Shoulders . This makes me believe that the Channel Up will respectively be more aggressive.

Based on the range calculations seen on the chart, I have estimated the next peak to reach $16000 within July.

In conclusion, just remember that Bitcoin is still respecting the 2019 parabola that and the support provided by it and the subsequent bullish channels that emerge within. Below you can see a perfect illustration of this:

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Comments

lmao where is the logic in this?? All so arbitrarily drawn
+7 Reply
naah... check out the previous price pattern of bitcoin to trap fomos, guess where it came from:)

+4 Reply
Yes, seems very realisitc. I am just worried, I somehow don't like this rally here, because I have more and more the feeling, that without any larger correction and consolidation taking place, btc will shoot straight to 40k, and then we see a subsequent very long and brutal correction :/
I don't know your thoughts on this. I'll try to make a chart to visualize it.
Anyways, great analysis as always :)
+4 Reply
TradingShot FlaviusTodorius67
@FlaviusTodorius67, Thanks Flavius. It sure is a bit tricky but the fractals have been so consistent so far that I do not dare going against such a proven structure. Always a pleasure exchanging ideas with you!
Reply
Halley TradingShot
@TradingShot, there is no sustainable structure, i think that's the point. but appreciate you analysis as usual.
Reply
Amazing chart, as usual, we agree with your analysis.

Thanks a lot for sharing.

Namaste.
+3 Reply
TradingShot alanmasters
@alanmasters, Thanks Alan! Namaste!
Reply
Double top (also inverse head and shoulders are not continuation patterns, rather they are reversal patterns. The pattern you have identified is not a true inverse head and shoulders, though I guess there is no better name for the 'appearance' of the pattern)
+2 Reply
Lol. Possible but then the 7/29 court date will kick the mkt in the balls
+2 Reply
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