The idea here is following the recent Wall St bonus news and new money flowing into BTC.
Bonuses are paid on Monday 15th, however paid in cheque which theoretically means a slight delay in the flow of money into the market.
I believe fomo/expectations of a bull run will push us up to the upper side of the pennant, before being rejected by the lower pitchfork ...
The general idea is that BTC is slowly running out of steam and and overdue correction is inbound.
I'm expecting a 27-30% correction on BTC back to the Kijun-sen / Median line, however it could escalate further.
We've had multiple 'Alt seasons' within the past couple of weeks, and some large increases in strong alts - showing that they are more than capable of ...
An almost identical repeat of the patterns/fractals at the start of November. We've had decent consolidation above the support line and are potentially due for a decent run of around 54%. Slightly delayed cycle to the previous one, however all key supports are have held well.
Analysis for my historical/journal purposes.
Three Different targets:
1 & 2 (Aqua and Purple) - stacked N formations. Target zone $9,241 - $10,356 by end of Nov.
(This target zone is the area between each fib trend 1&2 on a 1:1 ratio. with Tend 1 (Aqua) being the upper limit and Trend 2 (Purple) being the lower limit.
3 - Potential new N ...
Just a quick development idea:
Ichimoku cloud again- 1day timeframe: Still within the bullish T-K crossover with a new N formation forming (A,B,C,D). Price is high above the Kijun-sen again, but still relatively close to the Tenken, so perhaps potential for a spike? No resistance on the Chikou and still a strong bullish ...
Ichimoku cloud - 1hr timeframe: TK crossover with an N formation forming (A,B,C,D). Price is high above the Kijun-sen despite consolidation and the Chikou Span has just broken the last point of resistance. The cloud is ready to swing to bullish.
Still learning TA and publishing for my historical records only.