How all that happened that we got that beautiful pattern Bump-and-Run? Well this example proves that one pattern can be a made of many patterns and trading is just a process of following breakouts from one formation to another. So let see which formations made B&R.
First was Adam and Eve Double Top which was almost a book pattern with all measurements on place and correct.Than we had invert V pattern which lead us to falling wedge. When wedge broke out and became valid, at the same time started creating double top Adam and Eve. DT finished with pullback and that my friends created inverted Cup and Handle. By putting all these small patterns together we ending up with Bump and Run which should finish bear run. I say should because every pattern gives as option of going up or down. There is never guarantee that just because we see H&S price will decline 29% from confirmation point. It may go down 5%, stop on support, and bounce off 50% up making your short position squeezing.
Double Top **************************** Falling Wedge *************************** Double Top ************************** Falling Wedge ************************** Cup and Handle ************************** All together
Items that match Bump and Run: *Rising trendline - A trendline connecting the price valleys rises upward usually at 30 to 45 degrees, but this varies with scaling.(our has 26%) *Lead-in phase - The lead-in is the section at the start of the pattern and it precedes the bump phase. Price follows a rising trendline . *Bump phase - Price rises in the bump phase following a steeper trendline (45 to 60 degrees or higher) on high volume usually after a favorable event . Price rounds over and eventually returns to the lower, 30-degree trendline setup in the lead-in phase. *Bump height - Measured from the peak to the 30-degree trendline , it must be at least twice the lead-in height. *Downhill run - After price returns to the 30-degree trendline , price may bump up and form additional bumps or slide along the trendline before plunging lower in a downhill run *Volume - High at the start of the pattern, at the bump start, and at the downward breakout (where price pierces the 30-degree trendline ). *Confirmation - The pattern confirms as a valid one when price closes below the 30-degree trendline .
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This information is not a recommendation to buy or sell.
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Ok - 4H chart - Support is broken and B&R pattern is confirmed as valid. Now let's drop that stubborn BTC to 5000$. If You think that this analysis is logical and helped You - please help me and CLICK --LIKE-- BUTTON. It means a lot to me. Thank You
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Moving in the falling wedge. One thing which is not normal - volume should be descending , and here looks more flat
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Support became resistance - looks strong so expect more price decline
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Falling Wedge and resistance level. If daily will close outside wedge and above resistance BTC will go up to 9500
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Bearish flag 1H chart
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I think we can forget 9000 unless there is some kind of magic power on the market which push price above trendline. Plus if You add fib levels which indicates price drop - it comes as drop to 1st - 6300 ans 2nd 5800
@balocik, I see a similar inverted cup and handle pattern in many other crypto charts. ETC, Dash, BTG (worst one - the chart is like a combination of inverted U's in sequence). What do you think?
PipEze
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@doctorkesh, it’s only normal as whole market is ruled by one coin BTC. Since drop started at 20000 level nothing else matters in crypto world. Days of rest when BTC is trying to recover ( bears are catching breath for another run down) you can see desperate attempt to lift price of smaller coins but it’s worthless because as soon as BTC is dropping again, market follows. That’s why other coins developed similar pattern.
GustavoBrucestavo
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Yes sir!! Time to bankrupt the Trons, Verges and Dogecoins of the world...