BTCUSD: On wave 3 down on daily chart

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

BTC has finished a harmonic pattern .
And on daily chart its going to start a wave 3 with candlesticks called evening star .
A retest of 6k now is still possible and the assumption that bear on BTC is still valid.

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+1 Reply
what the chances that we could see the bitcoin around 3k level this year
50% ? or more
+2 Reply
Giorgioversace ahmedshalaby
This crashing pattern is very close to the Nasdaq Composite crashing pattern from the 2000's, the structure is very close so it should follow a similar path based on history of economics.
I don't think human psychology changed since 20 years lol.
+2 Reply
Hi Vera, Thanks for the update.
Few questions

- What harmonic pattern are you talking about ? and where did you mark your XA leg ?
harmonic patterns are subjective afaik.
Cypher on daily is still valid. but if it breaks below higher low then that does not apply.

If you are still looking at daily chart then i cant figure out any harmonic pattern from last low on Feb 6th.
If you look at the recent price action, you can tell that we are still in a bear market. On moves to the upside, volume declines with the rising price. This is characteristic of a corrective wave - in a bullish impulse, volume rises as the wave progresses.
The only point in your forecast that I don't agree with is the subdivision of the higher degree C wave into A-B-C. A (20k->6k) and B (6k-11.8k) were 3s, subdividing into lesser degree A-B-Cs, however C waves are typically 5s. I would say that the move down to 7400 was 1 of C, and the retest of 9300 A of 2 of C, there is a distinct possibility that we will chop around in this range for another 4 or 5 days while 2 of C plays out, with a distinct possibility of a retest of 10k and the December downtrend drawn on log scale. My target for 3 of C is 5k, with two possible final targets for the high degree C wave - 3900 or 3000.
Vera, what do you think about BTC retesting 9300?
contactr2m berkgeorg

AB= retrace min 0.383 -0.618 of XA Correct*
BC= extend to minimum 1.272 and maximum 1.414 of the XA swing leg . Failed*
CD= 0.786 retracement of XC . Failed*

Invalid cypher.
+1 Reply
berkgeorg contactr2m
@contactr2m, oh it's still working for me , thx anyway
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