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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