Bitcoin - Bullish Crab

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
What's going on traders, I hope you've all had an excellent weekend.

Today I'm bringing you a trading setup that I've been watching unfold over the last few days, and now things are starting to fall into place as price has just re-tested the previously broken support at $10,310.

If you're a long time follower of my ideas you'll know that the majority of my setups are based on harmonic patterns , which is the main focus point of today's analysis.

We're currently looking at a bullish crab pattern on the 4h chart for BTC/USD completing at $8980 which I've marked as the prime level to buy.

The measurements for a valid crab pattern are detailed below.

XA Retracement: 0.382 - 0.618
AB Retracement: 0.382 - 0.886
BC Projection: 2.618 - 3.618
XA Projection: 1.618

You may ask why is this the prime level to set buy orders? The main reason behind this is based on how many different measurements form within a close proximity of this price level, it marks an overall correction of 35% from $13,873 and it's at the lower end of our buying range between $9481 and $8818 which is a 7% range from top to bottom.

I'm favouring a long-term hold from $8980 when you take into account the move to $13,873 is a 54.60% gain.

If you're trading bitcoin based on margin then using several take profit targets is recommended, the first one being $10,310.

I'd also pay attention to a break above the resistance trendline , this may indicate the beginning of a move to $13,873.

Feel free to comment below if you have any analysis you would like to contribute to this idea.

Trade safe everyone!
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nice work as always
+1 Reply
Nice chat!
+1 Reply
+1 Reply
Thank you
+2 Reply
@owl55, you're welcome!
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