Bitcoin's Bullish Consolidation Storm at 50k
During this consolidation period at 50k we've had (2) Bullish ABCD's and (2) Inverted H&S smaller patterns occur while making the larger pattern (which appeared to be Cup with handle) or I see it more as an ascending triangle - either way, doesn't matter, but have similar measured moves with the hugely confluent area between 67-69k.
There was even a bearish shark which became a bullish 5-0 idea too for harmonic traders.
See the two confirmation lows following the Bullish ABCD reversal patterns: The second one much higher (and stronger appearance of bull trend). The selling periods were also steeper in the beginning of this consolidation and have waned. Bullish divergence on 12hr, daily, 2d and 3d shows strength as well as bullish cross in critical zone for Reverse TSI and MacD.
The failure of bears to drive price to the 55 MA on the daily not once, but twice is also a great show of strength in buying pressure, which is being suppressed during this consolidation period and on the verge of an explosion. Volume slowly decreasing as the pattern matures too.
There was even a bearish shark which became a bullish 5-0 idea too for harmonic traders.
See the two confirmation lows following the Bullish ABCD reversal patterns: The second one much higher (and stronger appearance of bull trend). The selling periods were also steeper in the beginning of this consolidation and have waned. Bullish divergence on 12hr, daily, 2d and 3d shows strength as well as bullish cross in critical zone for Reverse TSI and MacD.
The failure of bears to drive price to the 55 MA on the daily not once, but twice is also a great show of strength in buying pressure, which is being suppressed during this consolidation period and on the verge of an explosion. Volume slowly decreasing as the pattern matures too.
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