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
i dont' think anu more it will retrace, it's too low:

Looks like a head and shoulders formation at the top. Totaly agree with the 3d pattern.
LewisGlasgow IvanMadrazo
@IvanMadrazo, yeah with the trendline as the neckline, looks good!
Hi Lewis, thanks for your insights. If this harmonic does play out where would you expect the next major support to be found?
@mcbw_, hey man you're welcome! Major support will more than likely be found after the 0.382 retracement at the trendline.
Do you think price will drop after or before the fork ?
LewisGlasgow trooper1771
@trooper1771, after the fork in my opinion.
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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