Bitcoin in a "squeeze" position currently despite huge volatility in the past few days and overall consolidation structure (Broader Rectangle R1) on the D1 TF.
What will become of it after a breakout?
Notable patterns with likely targets/PO to the upside in a "Triple" Breakout scenario..
1. Symmetrical triangle - 115,000
2. Rectangle (R2) - 112,800
3. Ascending Channel
4. Bullish Pennant - 125,500
5. Bullish Rectangle (R1) - 125,500
**Both Pennant and Rectangle Price Objectives (PO) coincide with the PO for Cup and Handle Pattern on the W1 pattern.
Breaking down the structure (Symmetrical triangle and Rectangle R2) in a continued consolidation on the D1 TF we could see Price Action revisit levels
1. Rectangle (R2) - 99,500
2. Symmetrical T - 92,500
3. Rectangle (R1) - 90,000
*Summary
Bulls are favored.
What will become of it after a breakout?
Notable patterns with likely targets/PO to the upside in a "Triple" Breakout scenario..
1. Symmetrical triangle - 115,000
2. Rectangle (R2) - 112,800
3. Ascending Channel
4. Bullish Pennant - 125,500
5. Bullish Rectangle (R1) - 125,500
**Both Pennant and Rectangle Price Objectives (PO) coincide with the PO for Cup and Handle Pattern on the W1 pattern.
Breaking down the structure (Symmetrical triangle and Rectangle R2) in a continued consolidation on the D1 TF we could see Price Action revisit levels
1. Rectangle (R2) - 99,500
2. Symmetrical T - 92,500
3. Rectangle (R1) - 90,000
*Summary
Bulls are favored.
Note
BITCOIN WEEKLY CHARTNote
D1 CHART (2)Note
ANALYSIS SUMMARY1. BREAK AND CLOSE ABOVE RESISTANCE 109K, BULLISH TREND CONTINUES
2. FAILURE TO BREAK AND CLOSE ABOVE RESISTANCE, CONSOLIDATION STILL INTACT
''''' IGNORE PREVIOUS SUMMARY. MOREOVER NOT FINANCIAL ADVICE.
Note
H4 CHART revealing clearer "squeeze" structure and volatility shift.
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Related publications
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.