BITCOIN This recurring pattern shows $140k is next

I will keep this idea short. Bitcoin is reversing strongly the past two days and is testing the October 20 All Time High (ATH) of $67000. This leaves little room for the correction (even a short-term one) that many have been expecting. On the contrary it will most likely break above it and according to historic patterns, when ATH levels break, it tends to accumulate more buyers aggressively.

The same pattern has been spotted three more times in the past and on all occasions, the price reached the 2.0 Fibonacci extension (or almost in the case of December 2013). Right now the 2.0 Fib extension is roughly around $145000. Also the current LMACD sequence appears to be similar with all pre 2.0 Fib ext formations.

It gets more interesting when I apply the Fibonacci Channel starting from the April 2013 High-Low shake-out. As you see the Tops of the past two Cycles have been slightly over the 1.5 Fibonacci extension of that Channel. The current 2.0 Fib extension of the smaller pattern is just below the 1.5 Fib of the Channel. This might be this Cycle's Top. What do you think?

Feel free to share your work and let me know in the comments section!



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