If you don't know the difference between an ( ) and an ascending ( ) PM me or comment and I'm happy to explain.
The interesting thing is that this ascending meets up perfectly with the edge of the downtrend line (red dotted line). That is unignorably , I agree. However, I am a big believer in the diamond bottom as a reversal pattern, also the has been in a Symmetrical Triangle for the entire correction from the ATH and it JUST broke to the upside during the breakout of the Diamond Bottom. For these reasons I am long on bitcoin and I think the bottom is in. We are currently forming one HUGE symmetrical Triangle between the rising and falling long-term (Red Dotted Lines).
My expectation is that we will correct inside the triangle to the target of the Orange Ascending , which also corresponds to the .236 fib retrace, which is also VERY close to the Top of the Diamond Bottom. That is a perfect spot to create another higher low, and break out of this HUGE Symmetrical Triangle to start our next bull run to 30k-40k.
Overall I am , I think there is going to be a heathly move, followed by a breakout of the HUGE triangle. If the Diamond is invalidated I may think twice, but otherwise I see a beautiful reversal taking place.
Remember this is just for educational purposes only, I am not trading bitcoin personally, I use it mainly for a market indicator. You should do your own research before trading yourself.
Well like it if you like it and comment if you have a question!
I'm your Falcon Bottom Finder, always looking for THE best entry!
WARNING: We did not see the Ascending Wedge break out to it's full potential. Now I see a potential H&S reversal pattern forming on the 4h timeframe that could send us lower to the 7,400-7,300 area. Beware if we break below the neckline. Keep a close eye on the 8k level today and tomorrow.
Just wanted to put up an update of something I am seeing across the market right now. Also, something that is making me think BULLISH. This is a potential Inverse H&S. The really fun part is that the Target of the Descending Wedge that I posted about last week matches up perfectly with this potential inverse H&S. I LOVE when patterns line up with each other and confirm them. We will see how this plays out.
We found that the .5 retrace and the 9k level offered some resistance at first but has now turned to support as we move higher still, forming higher highs and higher lows in relation to that diamond bottom.
Next level of interest is the .618 retrace right around the 9,600-9,700 level. Once thought there we should head to our Decending Wedge target in the 10k’s I’m already hearing the FOMO start up especially in the crypto twitter realm. The smart money is flooding in, and the noobie money will follow.