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.
Note
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:
Note
Idea playing out extremely well so far.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.