LewisGlasgow
Short

Bitcoin - Bearish AB=CD

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Traders, today we have BTC/USD on the 4h chart with a bearish AB=CD pattern.

The measurements for a valid AB=CD pattern are detailed below.
C: 0.618 - 0.786
D: 1.272 - 1.618

I'd like to break down several aspects of this chart in order to show everyone exactly what I'm looking at.

#1: Ascending channel and untested high



Price is showing signs of indecision at resistance around $6,000.



Previous ATH still untested.

#2: Potential three drives formation



#3: Similarity in price moves



Price move A to B to achieve the previous ATH at $5,000 is similar to C to D.

As always use this analysis in relation to your own.

I'll be updating this idea as it progresses, I hope you all have an excellent weekend.

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Lewis, when btc is down?
+1 Reply
Your idea about the 3 drives pattern is the next pattern the most awaited/possible. Agree. Thanks for sharing.


Else, i have a deeper correction
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i dont' think anu more it will retrace, it's too low:


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Looks like a head and shoulders formation at the top. Totaly agree with the 3d pattern.
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LewisGlasgow IvanMadrazo
@IvanMadrazo, yeah with the trendline as the neckline, looks good!
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Hi Lewis, thanks for your insights. If this harmonic does play out where would you expect the next major support to be found?
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@mcbw_, hey man you're welcome! Major support will more than likely be found after the 0.382 retracement at the trendline.
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Do you think price will drop after or before the fork ?
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LewisGlasgow trooper1771
@trooper1771, after the fork in my opinion.
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yes, but in my idea (pubblished) it goest to 4200 (0,618) like last time. I still hope we are in 4 wave correction and we won't break neck line
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