This is just a scenario I've been watching for personal use.
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I tried typing this earlier but apparently it did not update properly. This pattern is an almost perfect pattern because a) it sees Bitcoin test what is arguably the strongest support on the chart; and, b) it creates a series of patterns that ensures a break of the resistance above it.
What this pattern creates is a series of small inverse head and shoulders contained within one major inverse head and shoulders. Each break of the small inverse head and shoulders gives a target that ensures a break out of the inverse head and shoulder above it. A break of the larger one gives a target above the ATH. In simple terms, it creates a domino effect that sends price higher and higher.
Will it happen? I don't have that answer. But, markets give traders patterns to work with and often times the markets move to ensure a break of the resistance above them. This chart does just that (and we all know Bitcoin is terribly manipulated by the market makers...its far easier for them to print a pattern that traders can work with).
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What this pattern creates is a series of small inverse head and shoulders contained within one major inverse head and shoulders. Each break of the small inverse head and shoulders gives a target that ensures a break out of the inverse head and shoulder above it. A break of the larger one gives a target above the ATH. In simple terms, it creates a domino effect that sends price higher and higher.
Will it happen? I don't have that answer. But, markets give traders patterns to work with and often times the markets move to ensure a break of the resistance above them. This chart does just that (and we all know Bitcoin is terribly manipulated by the market makers...its far easier for them to print a pattern that traders can work with).