Here I'm back with another interesting chart......
A bullish Three-Drive Pattern!
But....
Before getting bullish, $BTC needs to see the bottom.
Where is the bottom?
According to this carefully drawn pattern $BTC must touch $5k in first week on September.
And
$5k would be the bottom everyone is looking for...
and from there we'd see a long term bullish reversal.
Wait and watch!
Enjoy this chart!!!
If you like it, please like and share on twitter.
My twitter id is @techish
Thanks!!!
A bullish Three-Drive Pattern!
But....
Before getting bullish, $BTC needs to see the bottom.
Where is the bottom?
According to this carefully drawn pattern $BTC must touch $5k in first week on September.
And
$5k would be the bottom everyone is looking for...
and from there we'd see a long term bullish reversal.
Wait and watch!
Enjoy this chart!!!
If you like it, please like and share on twitter.
My twitter id is @techish
Thanks!!!
- 3-Drive Pattern is about 3-drives to a bottom.
- Drives 2 and 3 should be 127.2% or 161.8% extensions of the A and C retracements
- The A and B retracements will typically be 61.8% or 78.6% of the previous drive.
- Time of A and B retracements should be symmetrical. Same goes for extensions (2nd & 3rd drives to top)
I have added some statistics to show how you calculate targets of next peak or bottom and remember 3rd drive is bottom.
In short Fib retracement is used to calculate targets of drop or rise if a 3 drive pattern is forming