Bitcoin patterns have been in play for some time-since early August we have had a MASSIVE -BEAUTIFUL Bullish crab pattern forming.. and the good news is we have found support several times on it. The longer this pattern holds support the more violent the price direction to the upside. So did BTC break down- not really.. it appears to be building momentum for a push up. However , we will not what happens until the next harmonic forms (if we even get one). The price action down was off a bearish butterfly.. and we have been seeing so many butterflies not just in crypto but also in equities.. they are everywhere! lol
But the butterfly has completed.. what happens from here? Lets wait and see what develops! Regardless if BTC does not hold here- and go complete the Bullish Crab- guess what ITS BULLISH lol... so BTC is safe right now.. Very safe.. just don't be too quick to buy.. as there is still room to go downside.. but when this baby gets ready to blow.. hold on!
This is is a Neutral Zone. HODL'ers continue to HODL- buy not buying just yet. Lets be patient and see what happens from here.
BTC breaks down from support... to the 1.27 Fib. Could be more downside despite a intermediate bounce here. Yes A Bullish Shark can fail, but in order to do so- it has to come back up to be truncated. We shall keep an eye on this...but still a no buy zone.