3 Peaks and a Domed House Pattern Could Take Btc to $5200-$500.
The "three peaks and a domed house" pattern was identified by George Lindsay nearly 70 years ago.
The pattern can be identified by a parabolic move up followed by a period of consolidation with three peaks.
The three peaks are followed by a drop to previous support levels, a dead cat bounce, and finally the final drop to the general vicinity of the start of the pattern.
What follows is a period of consolidation (in this case, we'd be filling in a large volume gap between $5250 and $7500) and then an explosive move to a new high.
The pattern can be identified by a parabolic move up followed by a period of consolidation with three peaks.
The three peaks are followed by a drop to previous support levels, a dead cat bounce, and finally the final drop to the general vicinity of the start of the pattern.
What follows is a period of consolidation (in this case, we'd be filling in a large volume gap between $5250 and $7500) and then an explosive move to a new high.
Note
My apologies, I realized after publishing I did a poor job of drawing this to scale. I would expect the initial drop to happen some time in August and the consolidation to end sometime near the end of October or Early November.
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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.