Bitcoin BTCUSD 8K Type II Retest

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Over the past few weeks, I have outlined the rise to 8k as an important upside harmonic target.
I even suggested in my prior post that a 30-50% correction was likely before moving higher.
The price dropped 29% from the peak immediately after the AB=CD@7880 completed only to rebound 30%!
As difficult as the hype can distort expectations, I have outlined the TYPE-II retest of the entire RANGE OF HARMONIC MEASURES including the 2.618 extension to complete a Bearish Three Drives Pattern at 8265. We have now entered into the TYPEII retest of the AB=CD and must at least respect this critical completion of the harmonic target outlined last month.

NOTE: Crypto will go! These instruments as trading vehicles are a 21st century market! I'm in awe of these movements. Remember, stocks were the only vehicles traded in open markets for decades before futures and options contracts were introduced. BTCUSD is the crypto-mkt model of what is possible. Also, CME futures on BTCUSD is an enormous step forward and will be great to trade. Regardless, I would still manage my digital currency to accumulate on excessive, temporary dips while monitoring potential signs of danger. The REACTION off the AB=CD did not REVERSE A FULL 30-50% but it does show that important harmonic zones are critical levels that are not to be ignored.
No matter what, this story is just getting started!

Scott Carney

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