$BTC Bitcoin Bullish Dragon / Crab / C&H
The dragon was confirmed on a break above the hump. We could be coming down for the checkback first, but the idea would be a bullish continuation from here until proven otherwise.
The trend is your friend, till its not.
Looking for the 1.618 next as an initial extension of wave 1, followed by the measured move of the local double bottom at about 76k, but the real move is the expansion to 83k.
This zone is confluent with the 2.618, The bearish crab, and the measured move of the rounding bottom / cup & handle.
If we fell back under the hump, it wouldnt invalidate, but it would be a red flag. The idea here, is, and often in these type of patterns, we are building multiple impulsive waves within one another, and the resolution would be multiple 3rd waves unfolding at once, which causes an expansion in price, time and volatility as they unfold.
83k would be the next major target, with 100, and 170 beyond that. (Of course not all at once ;)
If things take a turn from here, id still be eyeing any retracements as buying opportunitys, especially given the nature of the price action on the larger time frames in regard to last cycles highs. Id consider this a checkback and im anticipating major expansion from her until there is a reason to believe otherwise.
The trend is your friend, till its not.
Looking for the 1.618 next as an initial extension of wave 1, followed by the measured move of the local double bottom at about 76k, but the real move is the expansion to 83k.
This zone is confluent with the 2.618, The bearish crab, and the measured move of the rounding bottom / cup & handle.
If we fell back under the hump, it wouldnt invalidate, but it would be a red flag. The idea here, is, and often in these type of patterns, we are building multiple impulsive waves within one another, and the resolution would be multiple 3rd waves unfolding at once, which causes an expansion in price, time and volatility as they unfold.
83k would be the next major target, with 100, and 170 beyond that. (Of course not all at once ;)
If things take a turn from here, id still be eyeing any retracements as buying opportunitys, especially given the nature of the price action on the larger time frames in regard to last cycles highs. Id consider this a checkback and im anticipating major expansion from her until there is a reason to believe otherwise.
Comment:
This could also be viewed as a right angled and descending broadening formation, whereas this pullback would be the partial decline. A retest of the highs thereafter would make it statistically probably a breakout will come next.