- April 17, 2023
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
The Megaphone pattern you see on this 1W chart certainly doesn’t get enough attention as other, most cyclical and systemic patterns prevail. Bitcoin (BTCUSD) however has formed a similar structure during the previous Bull Cycle, right after the first rally top.
The moment that pattern broke to the upside (Fibonacci 1.0), the price spent as much time from the bottom (Fib 0.5) as the bottom did from the start (Fib 0.0). On the current pattern the bottom is on the November 07 2022 1W candle and that gives a projected break-out above the Megaphone on the week of June 03 2024. That isn’t at all unrealistic as it times very well with the next Halving 4 event (scheduled on March 2024), which is the supply shock event that historically boosts BTC’s price into the most aggressive Parabolic Rallies.
Do you think this pattern is of any importance? Feel free to let us know in the comments section below!
Tradingview link:
https://www.tradingview.com/chart/BTCUSD/S0y82XDs-BITCOIN-Don-t-sleep-on-this-Megaphone