Bitcoin's continuation pattern suggests that there will be an uptrend for the next 3-6 months.
Bitcoin price is pulling back after a strong finish in the crypto market last week. However, this past Sunday night’s weekend close was also the close of the 4-week BTCUSD chart, which has potentially confirmed a high timeframe continuation pattern.
If the continuation pattern is indeed valid, it could point to 3-6 months of an extended uptrend, making 2023 an extremely bullish year in the end. Here is everything you need to know about the bullish continuation pattern and what it could mean for the crypto market.
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Bitcoin's continuation pattern suggests that there will be an uptrend for the next 3-6 months. Bullish Candlestick Continuation Pattern To Light Up Second Half Of 2023
In 2023, the cryptocurrency market has been dynamic with Bitcoin showing bullish trends, although not as strong as previous years. Altcoins, on the other hand, have faced challenges from the US SEC. This has affected their capital on the BTC pair and kept Bitcoin at bay against the US Dollar. Bitcoin's continuation pattern suggests that there will be an uptrend for the next 3-6 months.
Recently, Bitcoin experienced a correction, resulting in it trading below $30,000 per coin. However, before the correction, the 4-week BTCUSD candle closed on Sunday night, marking the chart with the last candle required for a completed Rising Three Method pattern.
The Rising Three Method is a bullish Japanese candlesticks continuation pattern, involving a large white candle, followed by three small-bodied candles in a row. After a period of consolidation, a large white candle closes above the trio of black candles, engulfing them all.
Bitcoin Buyers Make A Statement: Rising Three Method Pattern Completes
Based on the pattern, buyers are expected to regain control of Bitcoin after a pause. The statement suggests that bulls may take over the market in the next 3 to 6 months, which is the average length of each candle's session. Typically, a confirmed Japanese candlestick pattern should produce expected results within the next 3-5 candlesticks or roughly 12 to 20 weeks. This timing would take any potential bull rally through the end of the year.
For further validation, a morning star pattern completed during the first candlestick close of the year, followed by a doji and a bullish continuation pattern. All of these factors combined suggest a continued bull market for the rest of the calendar year. Additionally, the Japanese candlestick continuation pattern is supported by a confirmed bullish crossover of the LMACD, indicating a momentum shift that is supportive of more upside in Bitcoin.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.