BTC Printing Uber Bullish Livermore Cone
Updated
BTC has formed the renowned Livermore cone, which brought immense success to one of the most accomplished traders in history, Jesse Livermore, earning him $100,000,000 in the 1920s.
The Livermore cone represents an ascending widening cone pattern. A breakout to the upside typically results in a blow-off top. According to Jesse Livermore, the measured move of the cone is eight times the width of the range at pivots 6 and 7.
Based on my estimation, I anticipate a breakout at 44.2k around early September, at pivot 8. The projected measured move amounts to 76k. Pivot 9 is congruent with BTC's ATH, which might not be a coincidence.
The Livermore cone represents an ascending widening cone pattern. A breakout to the upside typically results in a blow-off top. According to Jesse Livermore, the measured move of the cone is eight times the width of the range at pivots 6 and 7.
Based on my estimation, I anticipate a breakout at 44.2k around early September, at pivot 8. The projected measured move amounts to 76k. Pivot 9 is congruent with BTC's ATH, which might not be a coincidence.
Note
Regrettably, the validity of the Livermore cone has been refuted. Consequently, the immediate anticipation of a market rally has been diminished. Nonetheless, a potential silver lining lies in the reduced probability of a blow off top leading to a subsequent market crash. At present, the more likely scenario involves a retest of the cone's former support, now functioning as a resistance level. This outcome holds greater likelihood compared to scenarios involving consolidation within the range of 30K to 26K or a drop below the 26K support to 20k, IMO. 
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.