Last leg currently at resistance, however two other possible reversal areas are present to create an over extended W. Price will has a high probability of retracing at LEAST to the 38% level. Wait for LL/LH price action on 5min TF before entering. Alternatively, you can add FOREXCOM:BTCUSD Bollinger Bands and sell on the retest of the break.
Bitcoin is currency in a descending channel, and after the last W (Gartley) and retracement, price respected the resistance at the nose and is now in a slight uptrend towards the top of the channel. This is a key area either for a breakout and path to 50k or a rejection to form the second leg of the M.
Price is currently stuck at the 50% point in the BAT pattern. If price can break this level there is a high probability of price breaking then retesting and after, make its way to the top of the channel. If price does not break, we can expect a drop off and another retest, or price will drop to the bottom of the channel. Will only take a trade if price breaks the level.
I made previous analysis on CADCHF from the 4h and Daily timeframes. Price printed a bullish Cypher and Bullish Gartley pattern and is now approach both 2nd take profit levels. I expect a reversal because of that and also because another W formation is forming. If price does not break the zone @ 0.70572 then I expect a retracement to the 0.618 level @...
Usually after one harmonic pattern, there's another forming of the inverse proportion. I'll include snapshots from multiple timeframes and different analysis showing the same view, which creates a higher probability of it happening. Edit: Cant post links, check my profile.
Price has broken out of its range, also creating an over-extended W and Crab formation. I speculate that price retraces 50% to the level which it broke.
After retracement to the 0.618 level on the monthly Bearish Shark formation, USDZAR has printed a Bullish Bat on the weekly which signals the end of the retracement on the larger timeframe and a likely run to the upside at least to the 0.382 level which is the previous support not resistance on both timeframes.
GBPNZD is coming off a previous W and Shark pattern. Usually after one pattern comes another of inverse proportions. While price is moving within this range, it seems to be finding support and resistance at these key levels which form the patterns. If the M is completed, there is possibility for an overextended M from the 4H to the daily timeframe which would...