Plus two arguments for a new ATH on BTC today. A breakout with a retest of the trendline in the "Dragon" pattern and a return to a stable uptrend on the five-minute timeframe. The nearest, basic targets according to the indicator are indicated on the chart. Additional targets from higher timeframes are also on the chart. The target for the pattern, as already mentioned, is beyond the ATH, which is $89,940.
This is not the first time we are raising the topic of this pattern. Someone in the chat said that it is quite rare. In fact, it is not; it is frequent, especially in bull markets. If we break down the movements of the pattern logically - it is a series of traps for the liquidity of bulls and bears, in which the greatest losses should be borne by the bears.
The "Dragon" pattern works out in about 60-75% of cases with the correct setup of entry conditions, the use of confirming signals, and proper risk management. An important detail - the start of the working out is considered to be the breakout of the descending trendline. And the percentage of working out is calculated after the breakout, not from the moment when you assumed that there would be a "Dragon" 😄
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