BTCUSD, Three Rising Valleys (bullish)

I found this pattern at tickeron website with the following data:
STATUS = Confirmed
CURRENT CONFIDENCE = 75%
TARGET (EXIT) PRICE = 16,552.32 USD
BREAKOUT (ENTRY) PRICE = 16,058.29 USD
DISTANCE TO TARGET PRICE = 2.54%
EMERGED ON = Nov 12, 10:00 AM (UTC)
CONFIRMED ON = Nov 12, 10:00 AM (UTC)
WITH CONFIDENCE LEVEL = 83%

The Three Rising Valleys pattern forms when three minor Lows (1, 3, 5) arranged along an upward sloping trend line. It often appears at the end of a declining trend – an indication that buyers are overtaking sellers, which ultimately pushes the price higher.

This type of formation happens when investors shift into buying mode following a consolidation period.

Trade idea
Once the price breaks out from the top pattern boundary, day traders and swing traders should trade with an UP trend. Consider buying a security or a call option at the breakout price level. To identify an exit, compute the target price level by adding the pattern’s height (highest price minus the lowest price within the pattern) to the breakout level (the highest high). When trading, wait for the confirmation move, which is when the price rises above the breakout level.

To limit potential loss when price suddenly goes in the wrong direction, consider placing a stop order to sell at or below the breakout price.
Chart Patternstickeronvalley

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