thecharttechnician
Education

BTC/USD 3 Box Point & Figure Chart Outlook.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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This analysis is for educational purposes only and it is not an investment advice.

Parameters of the chart as shown are :

Box Size : 500 Points, H/L, 3 Box Daily. Coarse chart without a doubt due to the box size selection. This said, we only get counts once a pattern is completed regardless of the box size.

There are more than three counts on the chart which should also be noted. I will only focus on 3. All work is shown on the chart.

Current trend is down since the price action is operating under the influence of a 45 degree down trend line x 2 as shown. Last signal received was a double bottom sell turning the bias to a bear mode after a failed inverse Head and Shoulders pattern on the bar/candle chart ( not shown).

Bullish count is also valid standing against the two bearish counts, until a new low is registered below the count low column which is shown.

Who will win the war , BEAR or the BULL ?

Analysis at The Chart Technician continues.....
Hi mate, getting started with pnf here. When I draw a 45degree line, why it moves when I zoom in \ out? tks
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Update is for educational purposes only and should not be taken as a financial advice.Bearish Horizontal Count shown on the chart is the best pattern of interest.Despite having a box size of 500 points, which is coarse, It may be reasonable to assume that the bearish horizontal count objective may be met.Before this, 5200 is the level of the vertical bearish objective to watch.
Analysis continues.
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Looking for this to be the bottom for BTC/ETH today.
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