BitcoinLong
$BTC Bitcoin Type 2 / Double bottom
This is a reference to my higher time frame chart (attached) with the Bullish Shark Type 2.
This double bottoming structure here is a break down of the reaction low, and reversal low of the type 2.
A few things i would like to point out, a harmonic trader would likely look at this structure as a Bearish Cypher, which would target the upper end of the range here at the .786, and could reach as low as the 1.13 (17,700) or 1.272 (16,700)on the second low. (as low as 1.414 but less common)
For now i am looking at this as a classic double bottom, which would give us a measured move up to the 27-28k zone ive referenced on previous charts, with the 1.618 extension sitting around 26,200.
Locally there is another double bottom/dragon structure that has broken its first supply line, and backtested it as support so far on the higher low.
You could also look at this local low as a small wedge or ascending triangle, bullish consolidation at the lows and nearing the apex. The measured move of a break out will bring you up to 22300, or conservatively using the first orange resistance level, to around 20700 at the top of wave 1's common retracement zone.
I am not making any calls here because of the greater market turmoil, and none of these ideas would negate another swipe at the lows.
Ive got some confience in these patterns because this whole range looks much more like an accumulation range with the adam and eve style hits to the low, and even the structure locally is typical to that type of behavior. V shape bottom, followed by a rounding accumulation bottom.
Whether you are bullish or bearish, i think we are nearing a decisive moment here, and anticipate a move either later today or tomorrow.
a Bullish break on this local structure, would initiate a move into the larger double bottom here, which would also fire off the type 2 return on the bullish shark, which would give validation to the next pattern, which is the Deep Crab / Dragon pictured. The supply line has already been broken and diverged at this point, and the larger Bullish shark, is the Dragon Feet / Deep crab type 2.
I will post that chart later on today. Seeing the confluence in time frames, and patterns gives a little more validation here and meets elliot wave guidelines for a leading diagonal as well.
This double bottoming structure here is a break down of the reaction low, and reversal low of the type 2.
A few things i would like to point out, a harmonic trader would likely look at this structure as a Bearish Cypher, which would target the upper end of the range here at the .786, and could reach as low as the 1.13 (17,700) or 1.272 (16,700)on the second low. (as low as 1.414 but less common)
For now i am looking at this as a classic double bottom, which would give us a measured move up to the 27-28k zone ive referenced on previous charts, with the 1.618 extension sitting around 26,200.
Locally there is another double bottom/dragon structure that has broken its first supply line, and backtested it as support so far on the higher low.
You could also look at this local low as a small wedge or ascending triangle, bullish consolidation at the lows and nearing the apex. The measured move of a break out will bring you up to 22300, or conservatively using the first orange resistance level, to around 20700 at the top of wave 1's common retracement zone.
I am not making any calls here because of the greater market turmoil, and none of these ideas would negate another swipe at the lows.
Ive got some confience in these patterns because this whole range looks much more like an accumulation range with the adam and eve style hits to the low, and even the structure locally is typical to that type of behavior. V shape bottom, followed by a rounding accumulation bottom.
Whether you are bullish or bearish, i think we are nearing a decisive moment here, and anticipate a move either later today or tomorrow.
a Bullish break on this local structure, would initiate a move into the larger double bottom here, which would also fire off the type 2 return on the bullish shark, which would give validation to the next pattern, which is the Deep Crab / Dragon pictured. The supply line has already been broken and diverged at this point, and the larger Bullish shark, is the Dragon Feet / Deep crab type 2.
I will post that chart later on today. Seeing the confluence in time frames, and patterns gives a little more validation here and meets elliot wave guidelines for a leading diagonal as well.
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