.886 is still on the outside of this position which indicates a healthy harmonic - plus the markets look satisfied at this point. The trollbox is rollin with BEAR trash talk of low $400's which sounds too good to be true. A couple of TV bear whales pitched in and placed a large short in the $470 area to induce more selling, but with the nice bat pattern, any smart bullish whales should know where to squeeze the shorts for some quick gains. I saw a couple of noobs being duped by them and shorting down here... very sad for TV land community. Bitfinex BTC swap rates are nearing their ATH at 10.4k on Monday, so it's not a good time to short AT ALL.
www.bfxdata.com/combined/btc.php
Upside potential for targets at 555, 590, 634, and 660... with a potential higher target from a bearish crab scenario at around 736, 765 and 793. The most realistic resistance stop would be at $590 which is also our main bearish line and the C-D finish point from our last small rally.
RSI does have a nice bullish divergence here, but not all is good at this time. CMF shows some negative flow here which usually means we're close to bottoming out but continuing the trend. RPD is stuck inside some minor support/resistance lines with potential for some up. Willy's are climbing out of oversold status, but if we continue to stay down here in $46x, they should slide back down.
Failure might happen if we venture any further past .886 or lower than the current supporting trendline. Cross one of those two points and the bearish bat harmonic is off. Any deviation from the harmonic maximums will negate the sequence... besides point D which can end up wherever it wants to go.
www.bfxdata.com/combined/btc.php
Upside potential for targets at 555, 590, 634, and 660... with a potential higher target from a bearish crab scenario at around 736, 765 and 793. The most realistic resistance stop would be at $590 which is also our main bearish line and the C-D finish point from our last small rally.
RSI does have a nice bullish divergence here, but not all is good at this time. CMF shows some negative flow here which usually means we're close to bottoming out but continuing the trend. RPD is stuck inside some minor support/resistance lines with potential for some up. Willy's are climbing out of oversold status, but if we continue to stay down here in $46x, they should slide back down.
Failure might happen if we venture any further past .886 or lower than the current supporting trendline. Cross one of those two points and the bearish bat harmonic is off. Any deviation from the harmonic maximums will negate the sequence... besides point D which can end up wherever it wants to go.
