This week’s chart looks a bit like a choppy mess. But when I start looking a little deeper I noticed a repeatable pattern that I call an “echo”
Now the theory goes that when we see a pullback or extension that almost matches a prior move (because although echos are similar they aren’t the same) we can expect a similar following move.
This leads me to expect a move up to around 18.50 on BITO in the relative short term.
And if we look at the pattern on a little bigger timeframe, we see a potential move up to the $21 area on BITO into the late June timeframe.
I am already long BITO in my Crypto Power Plays alert service. To learn more about it, check out my Trade of the Decade presentation.
Have a great week!