This is Polymath $POLY coin against BTC pair on a hourly chart .
Rounded Bottom (RB)
Parabolic Curve Theory ( PCT )
Price Action (PA)
BTC ( Bitcoin )
T/K (Tenkan/Kijun; Blue/Yellow lines)
Sats . (Satoshis)
This is a short-term pattern that will develop exponentially growing price action as it starts to close the cup. It has the characteristics of a PCT structure as it has panic sold these last two weeks describing a parabolic descending curve and bottomed.
As I'm looking at this chart and describing my idea I'm very conscious that events like news catalysts and BTC can deviate it off its course and make price action break out of pattern invalidating or at least demanding a reassessment of the idea.
Pattern start: End-May 2021
Estimated end: Mid-June 2021 (about a week after publishing)
Price tag at time of publishing: 643 sats .
Expected price tag at end of pattern: 976+ sats .
Safe trailing take profit area: Recommended trailing take profit at 903 sats . or .786 fib.
-Bullish Kumo cloud.
- PA, needs to break up over the Kumo cloud.
- Tenkan over Kijun Sen.
- T/K cross up the first days of May, also nuance.
- Chikou lagging span below cloud, needs to break up.
- below the PA, nuance.
Trade at your own risk...
NEWS CATALYSTS AND BTC
No news or events upcoming.
Mildly affected by BTC dips.
I expect a completion of the pattern if BTC doesn't pull PA out of pattern. If it does, this idea may need to be revisited.
ATM there's a measured move if PA breaks out of the shown in the snapshot below. Measured Move equals about 54% profit.