Arcblock / Bitcoin Short-term price analysis
ABT has turned bullish against Bitcoin in the short-term, with the cryptocurrency surging to a fresh 2019 trading high.
The four-hour time frame is showing a large inverted head and shoulders pattern has been triggered, with the ABT / BTC pair rallying strongly since breaking above neckline resistance.
Arcblock ABT/BTC with a bearish deep crab pattern
Hello traders, it appears ABT/BTC is now forming a bearish deep crab pattern on the 1D chart.
The measurements for a valid deep crab are detailed below.
C: 0.382 - 0.886
D: 2.24 - 3.618 (D point falls short of the minimum requirement, but I'll see how this setup plays out)
X to D: 1.618
I am anticipating the price will further fall to around 0.00003939 and find support there where if it does, then there will be another buy opportunity up until the next resistance area.
There was bearish divergence shown on RSI but it is now looking to soon cross above 50.
Peace & Love