What's the chart showing us - Rounding bottom chart pattern
2 neck lines, a smooth, consistent curve and an increase in volume at the tail end are hallmarks signs of a rounded bottom pattern. we get confluence from the depth of the pattern which will is used to measure the price target after breakout & from .618 which sits at 45000
Prior Examples - Nov 18 - May 19
Bitcoin followed the same pattern in 2019 which finished with a 100% gain from its breakout to the .618 Fib level
expected next - ]
Consolidation for a 2-4 more days at most & then a fierce break-out to the upside. I imagine there will be little or no retest so we can play the situation more aggressively with a tighter SL and increased position. If volume doesn't spike on the break and price moves back below the neckline, the move will become invalidated.
Best way to position -
Trade the break with a SL tight at the bottom of the neck. Set 3 TP's at each of the FIB levels and wait.
Timing - Break should happen in the next week & then continue to play out over the following 50-60 days. I expect another period of consolidation between $34500 - $38500 before finally topping 45000
Cheers
Blockbullder