With a Pandemic, Protests, and Printing of USD- BTC remains strong. Here is why.
I have included the sub-patterns on this chart (which are not necessary, but allows ppl to see that nothing is by chance in my analysis.. All patterns have supported the bullish directions given on the previous analysis pre- Memorial Day. The Bat formation and the Shark formation all tested to the bullish side.. with minor patterns all giving relief and movement to the upside.
BTCUSD has setup nicely for a Crab formation, but we may see an embedded Butterfly to the crab before upside is reached.. this will provide good stability for further moves up. Targets are listed here, but again as we complete each week we can see the directions.
Yes there is potential for downside,but I do not think bear market is in the forecast as of right now- never really has been (to me).... Stay long if you have the guts... and gobble up the profits! CHEERS!
See BTC Alert- Memorial Day for previous analysis. Also understand the arrows are approximate to the moves.- they are not actual price points.. the intent of them is to show GENERAL PRICE movements. As we get closer to the Trend changes then we can get to those specifics. Also patterns are not specific to Time- those are my special charts ..but these are here to assist you in developing your own Pattern- Price- and Time.