| Bitcoin Constructive Multi-Month Base

3rd Jun by Jack Corsellis

7 comments 271 reads

Bitcoin, potential for a multi-month CwH / Inverted H&S base on the daily chart and currently tightening constructively on a clustering of key MAs. The prior character of Bitcoin is it tends to tighten before trending higher, see Feb 2024 'blue zones'.

On the monthly chart for Bitcoin, there's potential for a larger CwH pattern. Whereby the 'handle' is consolidating near ATHs around $70k.

If Bitcoin starts going, it could create opportunities in other Cryptocurrencies and Crypto related stocks. Something to watch!

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Jack Corsellis

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https://www.youtube.com/jackcorsellis https://www.jackcorsellis.com

7 comments

rmillaree

3rd Jun

was there not speculation a month or two back that one should expect bitcoin price to be subject to material pullback? seems like every other time price has gone up quickly a decent % of gains have been given back before upward progress is then resumed.

perhaps i have my teacup upside down when i was looking at it last ?

N0vice1Nvest0r

3rd Jun

Personally I wont be adding to my small crypto bag until regulations look almost complete. Still so many fundamentals going against this market that I don't believe can be based on a potential chart pattern.

There's a lot better and safer places to invest currently than the crypto market!

Careful out there! It may go to 100k, maybe higher. but it could quite easily go a lot lot lower!

Jack Corsellis

5th Jun

I trade what I see with tight risk management, not my emotions.

N0vice1Nvest0r

5th Jun

well done. I'm highlighting the fundamentals about crypto, whilst you're showing chart patterns. Personally I think you need a bit of both.

Ignoring fundamentals is a big risk in my opinion.

Jack Corsellis

7th Jun

Bitcoin continuing to build a constructive base under ATHs with a CwH / Inverted H&S look in the second half.

Many Crypto related stocks and their miners have the potential for large bases. I'm long several Crypto related stocks currently like Coinbase Global (NSQ:COIN) and MicroStrategy (NSQ:MSTR)

I'll be watching the leading Crypto miners for potential entries I target. Ones currently on my radar are Marathon Digital Holdings (NAQ:MARA) Terawulf (NAQ:WULF) CleanSpark (NAQ:CLSK) Iris Energy (NSQ:IREN) Cipher Mining (NSQ:CIFR) Hut 8 (NSQ:HUT)

Valkyrie Bitcoin Miners ETF (NMQ:WGMI) weekly chart helps illustrate the potential of Crypto miners.

Jack Corsellis

7th Jun

There's always speculation in Bitcoin!

rmillaree

7th Jun

indeedy - bulls deffo winning the spedculation war at present - i remember back in the day when it dropped from $1k to $200 - thinking about putting a couple of grand into it - we all pity the fool and its deffo me for not taking that gamble and sticking with it sigh. Its easy with hindsight bias though - would i have been happy to keep holding when 2k turns into 50k and all the exchanges were goingb out of business - heack i would have probbaly cashed out whjen it went from $200 to $10000 even if i had bought. Well done to those with large kahunas

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Bitcoin Constructive Multi-Month Base

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About the Author

Jack Corsellis

7 comments

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