Hello everyone,
I hope you are fine.
I thought Bitcoin did a rounding bottom, but seems he did a bump-and-run reversal bottom.
Here is some Characteristics about this pattern :
Down-sloping :
The handle forms a down-sloping trend line that approximates 0–45 degrees (but this varies with scaling). The handle portion of the formation is called the lead-in as it leads in to the bump phase. The lead-in height measures from the trend line drawn across the highs to the low (not necessarily the lowest low) of the formation. Select the widest distance from the trend line to the low, measured vertically, in the first quarter of the formation. The duration of the lead-in should be at least a month, but varies depending on the situation.
Bump phase :
The bump is analogous to the frying pan base. The down- sloping trend line deepens to 60 degrees or more. Prices drop rapidly then level out and turn around, usually forming a rounded turn. After the turn, prices move up and sometimes pause at the 30-degree trend line before moving higher. The bump height, as measured from the trend line to the lowest low, should be at least twice the lead-in height. Strict adherence to this rule is not required, but it serves as a good general guideline.
Uphill run
Once prices lift out of the bump phase, they begin an uphill run that carries prices higher.
Volume
Volume is typically high during the three critical parts of the formation: formation start, bump start, and upward breakout. However, high volume is not a prerequisite.
Source for Characteristics: Thomas N. Bulkowski
I hope you are fine.
I thought Bitcoin did a rounding bottom, but seems he did a bump-and-run reversal bottom.
Here is some Characteristics about this pattern :
Down-sloping :
The handle forms a down-sloping trend line that approximates 0–45 degrees (but this varies with scaling). The handle portion of the formation is called the lead-in as it leads in to the bump phase. The lead-in height measures from the trend line drawn across the highs to the low (not necessarily the lowest low) of the formation. Select the widest distance from the trend line to the low, measured vertically, in the first quarter of the formation. The duration of the lead-in should be at least a month, but varies depending on the situation.
Bump phase :
The bump is analogous to the frying pan base. The down- sloping trend line deepens to 60 degrees or more. Prices drop rapidly then level out and turn around, usually forming a rounded turn. After the turn, prices move up and sometimes pause at the 30-degree trend line before moving higher. The bump height, as measured from the trend line to the lowest low, should be at least twice the lead-in height. Strict adherence to this rule is not required, but it serves as a good general guideline.
Uphill run
Once prices lift out of the bump phase, they begin an uphill run that carries prices higher.
Volume
Volume is typically high during the three critical parts of the formation: formation start, bump start, and upward breakout. However, high volume is not a prerequisite.
Source for Characteristics: Thomas N. Bulkowski
Naïm Boubziz