BTC Forming a Bullish Bump and Run Reversal Bottom Pattern
Description: BTC is forming a Bullish Bump and Run Reversal Bottom pattern while challenging a yearly declining trendline. Given the points A ($61,000), B ($48,000), and C ($30,000), the targets upon breakout could be $42,000, $50,000, and $56,000, dependent on the exact break point.
Hello traders!
Today, we're analyzing BTC as it exhibits signs of forming a Bullish Bump and Run Reversal Bottom pattern, simultaneously challenging a yearly declining trendline. Let's examine this pattern and outline the potential targets if a breakout occurs.
Chart Analysis:
Bump and Run Reversal Bottom Pattern: This pattern typically begins with a downtrend (the lead-in), followed by a bump (higher prices), and finally, a run (a reversal to the upside). In the case of BTC, point A was at $61,000, point B at $48,000, and point C is the current price of around $30,000.
Challenging the Declining Trendline: BTC is testing the yearly declining trendline. A break above this trendline would activate the Bump and Run Reversal Bottom pattern, indicating a potential bullish reversal.
Targets Upon Breakout: If BTC breaks the declining trendline and activates the Bump and Run pattern, it could target $42,000, $50,000, and finally $56,000, depending on the exact breakout point. These targets are estimated by measuring the depth of the "bump" and projecting this distance up from the breakout point.
Hello traders!
Today, we're analyzing BTC as it exhibits signs of forming a Bullish Bump and Run Reversal Bottom pattern, simultaneously challenging a yearly declining trendline. Let's examine this pattern and outline the potential targets if a breakout occurs.
Chart Analysis:
Bump and Run Reversal Bottom Pattern: This pattern typically begins with a downtrend (the lead-in), followed by a bump (higher prices), and finally, a run (a reversal to the upside). In the case of BTC, point A was at $61,000, point B at $48,000, and point C is the current price of around $30,000.
Challenging the Declining Trendline: BTC is testing the yearly declining trendline. A break above this trendline would activate the Bump and Run Reversal Bottom pattern, indicating a potential bullish reversal.
Targets Upon Breakout: If BTC breaks the declining trendline and activates the Bump and Run pattern, it could target $42,000, $50,000, and finally $56,000, depending on the exact breakout point. These targets are estimated by measuring the depth of the "bump" and projecting this distance up from the breakout point.
Comment:
BTC breaks the declined trendline.
Comment:
what a great pattern ... all targets are achieved ...