ScottCarney
Long

BTCUSD Bullish AB=CD Too

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
No matter how good the prospects are for BTCUSD , the trading behavior will continue to provide opportunities to take advantage of even the strongest of trends.
For the first time in months, the 4hr RSI has tested the Oversold 30-limit and reversed ideally to confirm the immediate Bullish AB=CD pattern.
The harmonic pattern measurements complement the psychological 4000 level. The exact AB=CD completes at 4030 and marks the lower limit of harmonic support.
The ideal Harmonic Trading Management targets - the 38.2% & 61.8% retracements - suggest a minimum reaction back to 4600.
A trend continuations with an AB=CD structure such as this exemplifies situation-specific strategies that distinguish harmonic patterns from less significant formations.
BTCUSD will continue to go up ...and go down. These types of situations reinforce the importance of patience to wait for retracements within the larger trend.
Sir Carney , Can you check last W type RSI BAMM on bitcoin ?
+1 Reply
4650-4700
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mvb1 ScottCarney
@ScottCarney, can you tell if it's broken through and we can go in? or shall we wait some more? thank you!
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ali7861 ScottCarney
@ScottCarney, followed by a big drop ?
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mvb1 ali7861
@ali7861, we will all know sooner or later... ;)
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So your analysis is 4600$ from here if im not mistaken? Thanks
Reply
Great analyse, I would appreciate you put the retracement CD of 61.8%
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I agree with this analysis thanks Scott.
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