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We have reached a crucial level in my opinion which will probably dictate medium-term future direction!
Is this a Descending Triangle and so point 5 a pullback or is this a Falling Wedge(Wolfe Wave) and point 5 is A in the schematic and a possible Spring an "Accumulation" according to Wyckoff?
Long time since I charted Stamp but now seems more relevant!
Law of averages must mean a pattern succeeds so let's go with it!
Also bounced off the "Apex" of the larger Symmetrical Triangle(white diagonals cross) which is encouraging so are we going to see a sign of strength in bitcoin?
I drew this earlier(see link) and now thinks it fits one with shelf!
Targets as per chart for calculated and measured!
It does appear to fit all conditions and closed above cup lip so considered confirmed.
Waiting for confirmation once cup lip broken!
Exhibiting all the attributes of the link below:-
As you can see from the chart the initial target for this pattern was met and overshot just a little!
Data used to calculate as follows:-
High : 6493.1
Low : 6435.3
Break : 6463
Target : 6501
Formula from link:-
Simplified = B + ((H – L) * 66%)
If you believe like me as many others who follow Wyckoff then this maybe achievable with a few twist and turns along the way!
Interesting video from the chart boss ~ like his drawing analysis.
Targets as per chart:-
Coming up on strong long term trendlines in a defined channel now and established "Demand Zone"!
B + ((H-L) x 66%)
H = $8506.7
L = $5755
B = $6477
T = $8293
Looks as if we are entering this phase with a "Sign of Strength(SOS)" target between $12~$13.5K.
I then expect another period of consolidation before heading off to $22.5K.
For sometime now I have been drawing a "Descending Triangle" but it could be a subtle "Falling Wedge"?
Hit target price exactly!
Calculation (Bulkowski) B - ((H-L) x 48%)
High(H) : $6840.9
Low(L) : $6100
Break(B) : $6609 approx
Target : $6253
An interesting pattern and may explain the weirdness of bitcoin -0.20% at the moment.
Target : $12K ~ $13255
Whichever pattern within the this Bullish Channel we should make $7040+
Normally the upward sloping channel breaks down but will bitcoin surprise?
I think we could all probably agree the last six month's have been in a low volume sell off which in turn should be very bullish culminating in some sort of "Spring" after accumulation!