$BTC Bitcoin Right Angled Broadening Formation

Ive posted about this one plenty of times over the course of the year but given the market structure break locally, i think it gives a little more confidence in an extension move here.

The Daily double bottom has a measured move that will bring us to the top of the range, and test the breakout level of the 3day/weekly double bottom pictured here.

Above that, the measured move would take us to about 38500.

The broadening formation has two targets shown, depending on how conservative you want to be with your measurements. 36500 uses the closes on the range formation, and the 39800 uses the low.

If we reject the local range high, or show weakness into the upthrust zone, i would take that as a sign of weakness, youd want to see a breach, and a checkback, followed by continuation thereafter.

Most of the highs are in the same general area, which has some untapped liquidity, so its important to watch how it reacts to these levels when/if it gets there.

Should be eventually see a breakdown of this range, rather than a continuation, it would confirm the inverted dragon, and i would look for a 618 retracement of the whole thing near 20500.
Chart PatternsTrend AnalysisWave Analysis

Also on:

Disclaimer