Bitcoin - Pump to 31k soon! (Diamond pattern)
Updated
- Bitcoin crashed to 25k recently, but a huge pump followed immediately after a false breakout of the head and shoulders pattern. Bitcoin was heading down to continue in the downtrend to 21k, but a huge buyer suddenly appeared and sent bitcoin to the upside. Is this a strong reversal pattern? I think so!
- It looks like Bitcoin is refusing to go lower, which is great news and that's why we need to react to the recent price action and open a long position on futures or buy Bitcoin!
- It's always extremely important to do an analysis with the Elliott Wave theory to predict future prices. In Bitcoin's case, we have a triple three (WXYXZ) corrective pattern, which you can see on the chart. It's a sign of strength, and this should send Bitcoin to 31K later this year!
- The diamond pattern looks really interesting; as you can see, the right shoulder and left shoulder are made of parallel channels. The right shoulder is not formed yet, but we will get there.
- I have to be bullish on Bitcoin as the bulls stepped in, and to make more money, we want to speculate on the price increase until January.
- I believe October, November, and December will be extremely bullish for the price of Bitcoin!
- Is this the bottom of Bitcoin? And will Bitcoin continue to rise to 40k and therefore to a new all-time high? This question will be revealed in my next analysis, so make sure you subscribe / follow!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Thank you, and for more ideas, hit "Like" and "Follow"!
Note
This head and shoulders pattern was a bullish one, with a false breakout of the neckline. Usually, when you see failed patterns, it's an opportunity, but in the opposite direction!Note
People are in disbelief, almost no one is bullish. Is the market ready for a huge pump?Note
I hope you are ready for October and November, which are some of the most bullish months for Bitcoin!
Note
Bitcoin started the huge pump, and the current price is still very good to enter a long position on futures or buy on spot!Note
The major trendline on the 4h chart is breaking out! Next stop is the 0.618 FIB retracement at 29159 USDT, which is a 10% price increase!
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