$BTC : How do you like your Bitcoin scallops? Two ways!
Possible descending scallop pattern on BTC.
Ive made two charts two show that:
1. We could be already playing out the breakout of this pattern (left chart)
2. We may come down now and this pattern can fail this is the real breakout of the pattern (right chart)
Descending scallops form the rounded bottom then after a short uptrend the price swings back violently before moving back up to breakout upwards of the point it swung back from, which is the breakout level labelled on the two charts.
Ive made two charts two show that:
1. We could be already playing out the breakout of this pattern (left chart)
2. We may come down now and this pattern can fail this is the real breakout of the pattern (right chart)
Descending scallops form the rounded bottom then after a short uptrend the price swings back violently before moving back up to breakout upwards of the point it swung back from, which is the breakout level labelled on the two charts.
Comment:
If you observe the levels on the chart you can see this has held the 0.618 and played out well so far.
Comment:
You can press play on my BTC chart here descending scallop.
note that we bounced off the 0.618 nicely and the target for this setup is 9632 (according to the right one)
(I drew two because it was to early to identify the "throwback" on this pattern, but the second one looks to be correct to me)
As of now we have closed the gap (see my gap chart below)
www.tradingview.com/...CME-Gaps-on-Bitcoin/
so its possible that this breakout fails here, if we can start trading above 9300 though it may go to hit target of the descending scallop pattern.
note that we bounced off the 0.618 nicely and the target for this setup is 9632 (according to the right one)
(I drew two because it was to early to identify the "throwback" on this pattern, but the second one looks to be correct to me)
As of now we have closed the gap (see my gap chart below)
www.tradingview.com/...CME-Gaps-on-Bitcoin/
so its possible that this breakout fails here, if we can start trading above 9300 though it may go to hit target of the descending scallop pattern.
Trade closed: target reached:
Hit target.
Comment:
