3 Year Bitcoin Pattern About To Test Support Flip

5 sept. 2020

I have mapped out my exact weekly candle wick touchpoints for this BTC Triangle that dates back to July 2017. I have 3 exact touchpoints on my line before breakout so I had a lot of confidence trading the long side of things for quite a while there. Most of my day trade setups I like to play are triangles and wedges. Although if I'm able to watch a bit closer I'll play smaller time frames the point is the same, we almost always get a retest of the old resist line that had the 3 touchpoints as a potential support flip. This chart looks just like my favorite patterns on a smaller time frame so why should it be any different? Watch for some candle body closes flipping to support along my white triangle. Depending if and when the retest takes place it COULD also line up pretty darn close with the 9600 CME futures gap.

As you can see here if the retest is successful and this pattern is to play out its measured move bitcoin could be heading up to new all time highs around 27k. Of course if this happens I would consider the fact that fomo could send the price to ridiculous levels as bitcoin loves to do. But of course there is a lot of "what if's" between now and then.