nadavhurwitz

Bitcoin USD Bearish Crab

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BITSTAMP:BTCUSD

BTC /USD is forming a Bearish Crab and is nearing the Potential Reversal Zone (PRZ).
This is happening after the formation of the Bearish Gartley failed to reverse (see in Related Ideas).

Notice the tight levels of the 1.618 XA projection and the extreme 3.14 BC projection.

The Crab pattern is usually volatile in the PRZ so prices might reverse quickly.
It would be wise to look for reversal candles on lower time frames.

Place stop loss at 2.0 XA projection.
take profit at 0.382 and 0.618 AD retracement.

Bonus (not in the chart):
in a 4 hour and 1 hour chart we can see a MACD divergence - another positive sign that price action might reverse soon.
Warning:
Point X might be a bit higher (a few days prior to the current X point).
If this is the case the PRZ and stop loss will be higher.

Let me know what you think.

Happy trading!

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out