BTC Printing Uber Bullish Livermore Cone
BTC has formed the renowned Livermore cone, which brought immense success to one of the most accomplished traders in history, Jesse Livermore, earning him $100,000,000 in the 1920s.
The Livermore cone represents an ascending widening cone pattern. A breakout to the upside typically results in a blow-off top. According to Jesse Livermore, the measured move of the cone is eight times the width of the range at pivots 6 and 7.
Based on my estimation, I anticipate a breakout at 44.2k around early September, at pivot 8. The projected measured move amounts to 76k. Pivot 9 is congruent with BTC's ATH, which might not be a coincidence.
The Livermore cone represents an ascending widening cone pattern. A breakout to the upside typically results in a blow-off top. According to Jesse Livermore, the measured move of the cone is eight times the width of the range at pivots 6 and 7.
Based on my estimation, I anticipate a breakout at 44.2k around early September, at pivot 8. The projected measured move amounts to 76k. Pivot 9 is congruent with BTC's ATH, which might not be a coincidence.
Comment:
Regrettably, the validity of the Livermore cone has been refuted. Consequently, the immediate anticipation of a market rally has been diminished. Nonetheless, a potential silver lining lies in the reduced probability of a blow off top leading to a subsequent market crash. At present, the more likely scenario involves a retest of the cone's former support, now functioning as a resistance level. This outcome holds greater likelihood compared to scenarios involving consolidation within the range of 30K to 26K or a drop below the 26K support to 20k, IMO.
