LewisGlasgow
Long

Bitcoin - Harmonic Opportunities

BITSTAMP:BTCUSD   Bitcoin / Dollar
The crypto market is shaping up nicely this week and I'll be ready to capitalise on several price drops very shortly! Today I'm looking at BTC/USD on the 4 chart with two harmonic patterns forming at different price levels.

Blue, bullish butterfly .

The measurements for a valid butterfly pattern are detailed below.
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.24
X to D: 1.272

Black/Grey, bullish crab .

The measurements for a valid crab pattern are detailed below.
B: 0.382 - 0.618
C: 0.382 - 0.886
D: 2.618 - 3.618
Final X to D: 1.618

Right now price is dropping heavily towards the completion of the bullish butterfly at $3435, in this area I'll be looking to go long and take advantage of a jump in price.

I will more than likely buy Syscoin at the same time to maximise potential profit, you can check out this idea below.



Depending on future movement we may see the bullish crab complete just below the previous high at $3000.

I'll be updating this idea as it progresses, I hope you all have an excellent weekend when it comes.
Comment: Bullish butterfly complete following a heavy drop in price, at the moment this may not be a safe entry due to panic selling but I'll be watching closely on the lower timeframes.
Comment: I've got my eyes on $2800 :)
Comment: We're now closing in on $2800, I'll be looking to buy in this area.
Comment: I'd like to give credit to Six Figure Capital student: https://www.tradingview.com/u/cdschultheis15/ for his impeccable analysis on bitcoin, he predicted the correction from $5,000.

Check out his analysis below and click that play button.



He claims the 0.886 retracement level will be achieved over time with a $700 target which is extremely bold but with the current market situation and bitcoin losing 40% of its value in 2 weeks no one "really" knows where price will go.

snapshot


To all those who are not keeping up to date with news, here is the main reason for the decline over the past week.

https://cointelegraph.com/news/breaking-all-chinese-bitcoin-exchanges-must-close-by-september-30
Comment: Quick update on BTC/USD after price broke a support trendline.

snapshot
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i see this butterfly patterns around more, time by time
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have you opened some positions? And what you're expecting from btc now?
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Looks like "the power of the pattern" agrees with the student cdschultheis15:

https://kimblechartingsolutions.com/2017/09/bitcoin-potential-eiffel-tower-pattern-says-joe-friday/?utm_source=ActiveCampaign&utm_medium=email&utm_content=Bitcoin-+Potential+%22Eiffel+Tower%22+pattern%2C+says+Joe+Friday&utm_campaign=Daily+Kimble+Blog+Posts+RSS

Hope not, but Chris is one of the best in the business...
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LewisGlasgow PRO tbutler1450
@tbutler1450, it does indeed and very impressive.

I've seen many posts predicting the same but all have failed, it seems $5,000 was the target.
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Thanks for the update!
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@pariss3, you're welcome!
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What would be your target for profit taking on this trade?
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@CryptoKnut, buying at $2800 my target would be around $3500.
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Why you placed your X and B's on different places for each harmonic?
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reached 3433, now going up, let's see how much and with what strenght
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