Bitcoin - Pump to 31k soon! (Diamond pattern)
- 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"!
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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!
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People are in disbelief, almost no one is bullish. Is the market ready for a huge pump?
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I hope you are ready for October and November, which are some of the most bullish months for Bitcoin!
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Bitcoin started the huge pump, and the current price is still very good to enter a long position on futures or buy on spot!
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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!
