Basic pattern charting shows clear path to $1M bitcoin

Time and time again I have been told to master the basics and when it comes to trading nothing is more basic than charting triangles. Likewise, few things are more basic than cloning a trendline used to measure the height or depth of a move and dragging it over to the breakout point of whatever structure you are looking at.

Just a tiny bit more advanced for targeting is using Fibonacci extensions to help with targeting with flagpoles. As the chart shows merely cloning the height of the flagpole from the C19 low to the flagpole high to an approximate break out point, which since we are looking at an ascending triangle remains the height of the flagpole itself, we get a target just over $1M. If the flagpole should be taken from the low of the ascending triangle that target would be the 1 line at about $485,000. I would not be surprised to see a major pull back at the 1 line and an even larger stall at the flagpole target.

A zoom in of the triangles shows plenty of internal structure for all trading types. Break out traders could look to long the breakout of the triangle, support and resistance traders can likewise long and short as they see fit.

Basic bullish trades could include

• Longing the support of the symmetrical triangle and taking profit at either the symmetrical triangle resistance or ascending triangle resistance
  
• Longing the breakout of either the symmetrical triangle or the ascending triangle
  
• Waiting for price action to retest either previous triangle resistances as support
  

And of course there are bearish versions of these trade set ups if I am 180 degrees and 100% wrong. If I see either of my triangle supports get broken and then appear to be re-tested as resistance I will be eating a lot of humble pie as I flip my positions

Likewise I see a massive ascending triangle on Total2. This is also very easy to trade technically with stops and fibs. Below is a draw with target setting on the height of the ascending triangle alone.

Fundamentally over the next couple of years I seen a equity bear market with funds rotation into crypto. In other words I think the correlation between equities and crypto can finally break on account of the bullish structure in crypto and the bearish structures equities.

this idea doesn't take any effort to look at indicators and divergences and the like. When you add those to the mix the argument gets even stronger. Please see a linked idea below for an indicator post looking at much the same structures.

Comment:

The purple symmetrical triangle is holding support and if it resolves bullishly the target is a new all time high.