BTCUSD: Daily Chart Breakdown

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I am getting a feeling that there could be a 5-0 correctional harmonic formation in its maturity phase, currently. It can also be viewed as an inverse head and shoulders pattern. The highlighted harmonic pattern is the 5-0 pattern with the X being the 1. TV doesn't have a tool for 5-0 patterns, so the Cypher tool is used which lacks one leg. The highlighted projection of price is regarded as a rough estimation of this pattern's completion. The pattern is usually seen during a post correctional phase, where there was a rather hard sell-off (a strong upthrust in a bearish version), which was followed by a V type recovery. When this V type recovery is being corrected as much as 38.20%-50.00%, that's where you anticipate entering into short risk exposure.


Very good drawing and analysis. Thanks for sharing your idea 🐻‍❄️😃
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I think that it might descend to correct and then return to ascend. Thank you for participating
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It was great to see your work
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I’m seeing the exact same on the weekly w/ EW. Seems that Wave B is still on its mission for 80%+ of Wave A. Shorters will get hurt here.
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Zoen_Trieste TheCryptoChartWhisperer
@TheCryptoChartWhisperer, you got the date of the low spot on
@Zoen_Trieste, Just having some fun thx
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