BTC/USD – ABCD to test 5k support

Before we can safely move upwards a test of 5k is required to solidify support. So how do we get there?

Possible ABCD Pattern

• AB leg ATH 7900 to 5400 (complete)
  
• BC correction to just under 7k (6940 – in progress)
  
• CD leg completes pattern at 5k for long entry
  

BTCUSD

Comment:

BBands tightening.
Expecting a big move in the next few hours.
Hopefully break to the upside to 7k before more significant leg down to 5k.

Comment:

Breakout confirmed to the upside.
Very close to our 6940 target.

Trade closed: stop reached:

Closing out this idea. My stop was reached over 7k and the pattern has been invalidated, unfortunately.

I'm keeping a close eye on the next fib line (0.786) at ~7300 area for a possible short-term correction potentially down to retest 7k, or depending on whale play maybe retest 0.5 fib at 6700 and stop out a bunch of people before next leg up.