BITSTAMP:BTCUSD In this video I look at chart pattern possibilities, including the text book break down from the recent Inverse H&S Pattern reaching its target to the tick! This target hit the ATH 50% Fib., to the tick practically! Also, I highlight the potential Inverse Cup & Handle Pattern I'm seeing develop. As of this report BTC has retraced 50% from swing high($12,473) to the local swing low($9,825.xx). Should BTCUSD retrace past this 50% level(higher), then Inverse Cup & Handle pattern should be considered invalid technically. Anything greater than 50% retrace on handle should nullify this pattern, Inverse or not.
If Cup and Handle plays out, a target of roughly $7,500 is considered! This puts BTC price close to 61.8% retracement($7,143.99) of March-August Rally. I propose a WXY correction to achieve these targets! WXY Fibonacci Extension Targets for "Y" Of course this is purely hypothetically speaking should the "X" pivot hold as I report this. It's entirely possible that price can briefly pierce higher, thus slightly altering the fib. levels, in which case I'll update as necessary.... 61.8%: $9,546.59 78.6%: $9,101.74 100%: $8,535.08 123.6%: $7,910.17 138.2%: $7,523.57 161.8%: $6,898.66 (Y wave should not exceed the 161.8% extension) I interpret this as that the Y wave can in fact extend up to this level, though, should be considered suspect as it approaches and eventually surpasses the mark!
In addition to the potential Cup & Handle, should that develop, there would be/ is nonetheless, an Inverse Head & Shoulder Pattern possibly developing as documented in the video analysis!
I'd love to get your feedback! Also, please leave a like and feel free to follow, as I will be offering more chart analysis, focusing predominantly on Bitcoin and Cryptocurrencies. Occasionally DXY and EURUSD too!
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