Minitech24
Short

Bearish idea, bullish harmonic pattern

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In contrast to most other ideas here on Tradingview I'd like to present two bearish ideas disagreeing with the often stated inverse head & shoulders pattern.
Beside all the bearish divergences found on indicators, the longs reaching almost ATH , and heavily decreasing shorts I see two potential harmonic patterns that may play out.

The first idea is a bullish gartley , after reaching the green rectangle , there's a possibility of creating a third wave C of a bigger ABC correction.

The second idea posted below would be a bullish crab pattern. I believe this version is more likely due to the massive bearish signs.
I also believe that a pump to 4.5k is still possible. Yet my outlook remains bearish .
Comment:
Comment:
Comment: btc found support at 3.7k, looks like a bear flag but could be a typical developing bart; potential rise to 3.9k area possible.
Not changing first target of 3.5k area though, as market is extremely bearish. I think after reaching the first target we can expect a first small correction before btc will fall further.
Trade closed: target reached
Only problem is you dont target for completing a harmonic pattern which is not complete, you enter once they are complete and then set targets, but that might be.
Reply
@Crypapi, True, would be much more conclusive. But it may help making sense out of this current muddle.
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