BTCUSD - Possible "Falling Three Method" on Daily Chart
Hey Guys,
BTC may form the falling three method candlestick pattern on the daily chart. This is a reliable bearish continuation pattern.
The falling three method contains 5 candlesticks. The first candle is a drop with a large body.
The next 3 candles are bullish, forming higher highs and higher lows where the 3rd bullish candle commonly reaches the top of the first large red candle.
And the 5th candle is a very similar one to the 1st large red bodied candle.
If this formation occurs in a bearish trend, it's most likely and common that the trend will continue its bearish status.
So as of now, I'd suggest waiting for a few more hours to see where todays candle will close and get into your trades accordingly.
This pattern will need the price to be closed near 31K on daily, to be completed. Still, even if it does complete the pattern, there's absolutely no guarantee that this will work as it meant to be.
Google "Falling Three Method" to know more about it and check use cases.
PS: No financial advise, always DYOR!
Also check my other ideas that I've published recently.
Note: If this pattern forms and works as predicted, then the Wyckoff idea shared below will be updated with a whole new one accordingly because it will mean that a new accumulation phase A will begin from the beginning of that method.
This depends on the price drop, again, if this FTM candlestick pattern works out.
If not, we will call this a ST (Secondary Test) as it will be one of the tests that occurs after "Spring" or "ST in phase B".
Happy trading.
BTC may form the falling three method candlestick pattern on the daily chart. This is a reliable bearish continuation pattern.
The falling three method contains 5 candlesticks. The first candle is a drop with a large body.
The next 3 candles are bullish, forming higher highs and higher lows where the 3rd bullish candle commonly reaches the top of the first large red candle.
And the 5th candle is a very similar one to the 1st large red bodied candle.
If this formation occurs in a bearish trend, it's most likely and common that the trend will continue its bearish status.
So as of now, I'd suggest waiting for a few more hours to see where todays candle will close and get into your trades accordingly.
This pattern will need the price to be closed near 31K on daily, to be completed. Still, even if it does complete the pattern, there's absolutely no guarantee that this will work as it meant to be.
Google "Falling Three Method" to know more about it and check use cases.
PS: No financial advise, always DYOR!
Also check my other ideas that I've published recently.
Note: If this pattern forms and works as predicted, then the Wyckoff idea shared below will be updated with a whole new one accordingly because it will mean that a new accumulation phase A will begin from the beginning of that method.
This depends on the price drop, again, if this FTM candlestick pattern works out.
If not, we will call this a ST (Secondary Test) as it will be one of the tests that occurs after "Spring" or "ST in phase B".
Happy trading.
Trade closed: target reached:
Seems like 30K support zone stopped FTM from moving further down.
31800 to 30150 is still a very nice profit. Trade closed.
31800 to 30150 is still a very nice profit. Trade closed.
