Bitcoin is showing ABCDE correction patterns again. For now especially in shorter time frames. ABCDE occurs when the bear becomes impatient, the bullish targets start to fall short and the bear sell itself to exhaustion levels. After completing such pattern, bullish impulse begins.
Same pattern was occurred couple of times in 2017.
Some traders call this pattern BHLD.
pbs.twimg.com/media/...NdV4AA9Y5k.jpg:large
Compared to 2017, there is lack of demand for bitcoin. Similar to previous years, everybody heard about it but nobody interested to buy. This is another buy opportunity.
There are huge expectations for bitcoin, however we are headed into a bumpy road.
We could argue that the current DE trend could go much lower. I think we will see that in future price developments, but not yet.
Same pattern was occurred couple of times in 2017.
Some traders call this pattern BHLD.
pbs.twimg.com/media/...NdV4AA9Y5k.jpg:large
Compared to 2017, there is lack of demand for bitcoin. Similar to previous years, everybody heard about it but nobody interested to buy. This is another buy opportunity.
There are huge expectations for bitcoin, however we are headed into a bumpy road.
We could argue that the current DE trend could go much lower. I think we will see that in future price developments, but not yet.
Trade closed manually:
idea is failed, setup is invalid