Technical analysis by nagihatoum about Symbol BTC: Buy recommendation (7/6/2023)

BTC Printing a Livermore Cone, Breakout to 70k BTC has formed the renowned Livermore cone, which brought immense success to one of the most accomplished traders in history, Jesse Livermore, earning him $100,000,000 in the 1920s. The Livermore cone represents an ascending widening cone pattern. A breakout to the upside typically results in a blow-off top. According to Jesse Livermore, the measured move of the cone is three times the width of the cone's opening at the breakout. Based on my estimation, I anticipate a breakout at 37.5k, which is twice the current range and twice the width of the descending channel. The projected measured move amounts to 70k.