BitCoin 5-0 ...What I Know

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Perfect reversal from 5-0 PRZ @ 61.8% (2650) with IDEAL RSI confirmation as mentioned in previous posts.
I know most understand M&W-Type harmonic patterns but the 5-0 is a different animal.
I outlined the identification rules in HTVol2 but I was a bit light on some of the management relationships that are associated with this structure.
Here is some clarification:
As with all TYPE-I harmonic reactions, we look for the 38.2% target (2450) HITTING NOW!
I am watching closely because the EXPECTED HARMONIC REACTION w/ a 5-0 is beyond Target-1 @ the 886 retracement of the CD leg (2200), and then a 1.618 continuation (1900 - where Bat completes).

Two Thoughts for this TRADE Setup:
1. Targets are clear with stop at breakeven because continuations SHOULD BE demonstrative. The entry was ideal but no complacency just because the HARMONIC REACTION worked well.
2. Manage the reversal on price and RSI to scale out if no follow through.

Position Mgt:

__________________ 2650 = 618

____________________ 2600 STOP


____________________ TGT             I 2200

____________________ TGT             2 1900

Properly measured harmonic patterns manifest these types of reactions and provide a "cushion" to manage the reversal in ideal situations but require immediate continuation.
Again, this trade setup is an analysis of the harmonic price action - which has been overwhelming lately.
Stick to the harmonic #s as they work for YOUR plan.
SigWit 80% acceptance. We will atack ATH for sure
ranev tereskapl
@tereskapl, Where do you see 80% please? I see 35% at most...
@ranev, check this
ranev tereskapl
@tereskapl, Thanks!
@ScottCarney any update on this?
bryce1181 patrickreiner
@patrickreiner, BTC did not establish a Higher high, and is now turning around. Right now is a good time to short.
tereskapl bryce1181
@bryce1181, what now? any update? it look like it will go to ATH
Great analysis!
By the idea that is in the graph, from 0 to 100, what are the chances of being materialized in the current trend?
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out