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.