ScottCarney
Short

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

YOU ARE HERE 2475


____________________ 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.
No follow thru, MANAGE AGGRESSIVELY!
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
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ranev tereskapl
@tereskapl, Where do you see 80% please? I see 35% at most...

https://blockchain.info/charts/bip-9-segwit
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ranev tereskapl
@tereskapl, Thanks!
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@ScottCarney any update on this?
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bryce1181 patrickreiner
@patrickreiner, BTC did not establish a Higher high, and is now turning around. Right now is a good time to short.
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tereskapl bryce1181
@bryce1181, what now? any update? it look like it will go to ATH
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Great analysis!
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By the idea that is in the graph, from 0 to 100, what are the chances of being materialized in the current trend?
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