BTCUSDT - Three Drives Pattern Potential on 8H Time Frame
Hey Guys,
BTC seems to be forming a three drives pattern on 8 hours chart.
If this pattern completes as predicted, the price should hit 31500 area, between 14-15 July most probably, and then begin to rise after that to near the top of the first wave, 36500 area.
Following this up to take a long position. This is a great and reliable bullish pattern, only if it's completes as in the chart above. 1 final wave to go. Let's see.
Investment strategy: Long, only after if the pattern is complete.
PS: No financial advise, always DYOR.
Cheers.
BTC seems to be forming a three drives pattern on 8 hours chart.
If this pattern completes as predicted, the price should hit 31500 area, between 14-15 July most probably, and then begin to rise after that to near the top of the first wave, 36500 area.
Following this up to take a long position. This is a great and reliable bullish pattern, only if it's completes as in the chart above. 1 final wave to go. Let's see.
Investment strategy: Long, only after if the pattern is complete.
PS: No financial advise, always DYOR.
Cheers.
Comment:
We have three targets. All 3 tops of the drives. 34500, 35600 and finally 36500.
If you've a long position according to this pattern, then I suggest closing it %50, %30, %20 respectively when price reaches these points.
Cheers.
If you've a long position according to this pattern, then I suggest closing it %50, %30, %20 respectively when price reaches these points.
Cheers.
Comment:
Hey guys.
This pattern is still viable and reliable until we see a break and close below the second 1.27 drive trajectory, which is around 31300ish.
Only two 8 hours candle left at max to move to the target area, imho, based on time periods of the previous drives.
This pattern is still viable and reliable until we see a break and close below the second 1.27 drive trajectory, which is around 31300ish.
Only two 8 hours candle left at max to move to the target area, imho, based on time periods of the previous drives.
Comment:
We're still good with this. As mentioned before, we shouldn't close a candle below the lower support line.
Trade closed manually:
This pattern is interupted. Price moved more than 1.27 so now it's closed manually.
Bitcoin may still move up according to its channel, but even if it does, three drives will not be the cause.
Bitcoin may still move up according to its channel, but even if it does, three drives will not be the cause.
Now things should turn green according to this.
Expecting 36500 area once more. Let's see.