Since the last Bubble, BTC has moved through one major Harmonic pattern to another:
Bullish Gartley - Bearish Bat - Bullish Crab - Bearish Gartley - and now probably Bearish Butterfly forming
After each new low, it had a swing up, then 61,8% retrace, then another logarithmically equal swing up (AB=CD) testing the major downtrend line from ATH. All this was part of harmonic patterns.
Based on this logic, we are now at the 61.8% retrace of the swing from new low which could create another swing with target to around $360 forming a bearish butterfly this time. That would be the new top testing the trendline. Here you have the best long term shorts entry and would be wise to close all longs available. It will start new major trend down, possible target around 125$, could go directly, or move forming another Bullish crab. Also, the RSI has some interesting levels and cycles.
Decided to publish a pretty courageous bullish scenario in this very bearish environment at the moment, which fits well in the whole picture of the last 1 year and a half. I would avoid going long over 220$ in this region, I tried to long whenever the price was under 220, with stop los under 210, because in my oppinion breaking down the 210 level makes this scenario invalid.
Best,
Sergiu
Bullish Gartley - Bearish Bat - Bullish Crab - Bearish Gartley - and now probably Bearish Butterfly forming
After each new low, it had a swing up, then 61,8% retrace, then another logarithmically equal swing up (AB=CD) testing the major downtrend line from ATH. All this was part of harmonic patterns.
Based on this logic, we are now at the 61.8% retrace of the swing from new low which could create another swing with target to around $360 forming a bearish butterfly this time. That would be the new top testing the trendline. Here you have the best long term shorts entry and would be wise to close all longs available. It will start new major trend down, possible target around 125$, could go directly, or move forming another Bullish crab. Also, the RSI has some interesting levels and cycles.
Decided to publish a pretty courageous bullish scenario in this very bearish environment at the moment, which fits well in the whole picture of the last 1 year and a half. I would avoid going long over 220$ in this region, I tried to long whenever the price was under 220, with stop los under 210, because in my oppinion breaking down the 210 level makes this scenario invalid.
Best,
Sergiu
