BTCUSD: 2019 Repeating 2018 Bump and Run Bottom?
BTCUSD: 2019 Repeating 2018 Bump and Run Bottom?
- Bump and Run is the #1 most bullish chart pattern Per Bulkowski (thepatternsite.com/barrb.html)
- To identify a Bump and Run, look for a frying pan base with a downward sloping line with a rapid drop then leveling out with a rotated turn.
- "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."
- Lead In Height = 13500-9800 = 3700
- Bump Height = 12641-9175 = 3466
- This is our current situation, so it could lead to a throwback (maximum throwback level designated on the chart). This could form a second bump before breaking out to the measured target of top level of the lead in at ~13.8k and likely new all time highs after that.
- Bump and Run is the #1 most bullish chart pattern Per Bulkowski (thepatternsite.com/barrb.html)
- To identify a Bump and Run, look for a frying pan base with a downward sloping line with a rapid drop then leveling out with a rotated turn.
- "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."
- Lead In Height = 13500-9800 = 3700
- Bump Height = 12641-9175 = 3466
- This is our current situation, so it could lead to a throwback (maximum throwback level designated on the chart). This could form a second bump before breaking out to the measured target of top level of the lead in at ~13.8k and likely new all time highs after that.
Comment:
A likely possibility for this Bump and Run pattern is topping out from this local move in the 9.8-10.2k region, then bottoming at the 8.1k-8.6k region per the intersection between the Broadening Ascending Wedge reversal target and the Falling Wedge target:
Comment:
Idea playing out extremely well so far.