BTC is in progress of creating Bearish 3 Drives.This is totally Harmonic Pattern based on Fibonacci numbers. What is interesting in this set up is the fact that if BTC price reach 3rd drive at point F on chart we will automatically get Double Top. Another thing is that BC leg extension at point F is hitting 1.61 fib. So point F will be completion of Double Top, 1.61 BC extension and 1.27 DE extension.
Of course all that does not mean that price will reverse and start dropping but ... Time will show the truth.
If price drop below pink support line and creates low pattern becomes invalid.
This information is not a recommendation to buy or sell.
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Coinbase chart shows different harmonic pattern but with the same outcome - move up to 9700 level. Pattern is - Bullish 4 point continuation
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0.38 fib level reached. Few more and we hit the top.
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If You find this TA helpful please hit that LIKE button cos that means a lot to me.
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0.38 acts as strong resistance.
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0.38 level broken. Heading towards 0.61. Sorry for shitty screen - updating from mobile
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0.61 reached. Slowly climbing towards top.
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0.61 fun level broken and confirmed. Moving up nicely toward the top.
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0.78 and 0.88 levels broken. Hope you enjoy that ride to the top
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Fib 1 level broken - this baby is flying towards 9700
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1.13 fib level smashed . 9700 smashed
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Fib level 1.27 delivered as promised
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Just to thanks all of You who followed that trade. Enjoy
You are usually wrong.. its 50/50 either up or down, you keep seem to get it wrong.
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@cupidchild, You're getting this all wrong my friend. Price is a dynamic concept and that what is correct today tomorrow might be totally wrong. That's why I'm a trader not holder. If You looking for financial advice ( buy/sell ) than I'm wrong person. I can only wish You good luck in trading.
cI8DH
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another great TA. However, I think this market is too weak at this point. So, maybe something like this:
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@hkh222, Thanks for sharing Your chart.Time will prove if we are right or wrong.
cI8DH
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@balocik, the scenario you have drawn puts the last nail on the coffin of this bull rally. It would be similar to 2014 bull trap fractal. It's too soon for this rally to die but who knows other than time! Thanks again for your update.
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@hkh222, You know what they say - "Bulls make money, Bears make money..."
Win Win situation. All the best
cI8DH
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@balocik, I know that these fractals have a lot of differences. But I the fact that they are both occurring after breaking the main down trend channel gives it some weight. It would make it similar to the scenario you have drawn, in that the rally end with a double top.
tokeylokey66
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@hkh222, agreed, his right shoulder seems a little over extended
cI8DH
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@tokeylokey66, well, I don't know how to do these stuff. it was just a rough sketch. anyhow, we will see if it works or not, very soon.
tokeylokey66
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@hkh222, i wasn't talking about yours my friend :)
I think the poster did a good job, just the right shoulder a little big :p