Stage 1 – after running up 8,966% from the first breakout point BTC takes a much needed break and begins forming a base. It’s healthy for a bases to develop after making substantial gains.
Stage 2 – nearly perfect cup pattern developed over a 3.3 year period followed by a breakout on May 1, 2017. A cup formation is a continuation pattern.
Stage 3 – 1,300% gain
Stage 4 – perfect retracement to the 6100 price range, creating strong support in a triangle accumulation pattern. Pattern takes 2.5 years to develop.
Stage 5 – 479% gain
Stage 6 – the Head and Shoulder pattern is a top/reversal pattern, prior stages are continuation patterns. Price is already down over 40% and there's a high probability BTC will continue to move in the direction of the 20k range while the next base forms. Remember it’s healthy for a base to form. If the predicted 18-20k range comes into play it’s likely to see trading between 13K – 18k with a breakout point at 20k. Notice the base length taking 2 years. My analysis is it will be longer, will continue to monitor as price points develop.
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