Bitcoin is showing ABCDE correction patterns again. For now especially in shorter time frames. ABCDE occurs when the bear becomes impatient, the bullish targets start to fall short and the bear sell itself to exhaustion levels. After completing such pattern, bullish impulse begins.
Same pattern was occurred couple of times in 2017.
Some traders call this...
Bitcoin has completed the Three Drivers to the Top pattern with 2.67 trend angle. The last wave can be considered as wave 3, but I see this formation more like AB leg of an extended flat correction.
Yes, the 3 drivers rally was actually a correction and real trend is yet to come.
Before the uptrend, which will probably have only little corrections like the wave...
Watching the TA I was recently not able to see why the price was going up. Just like many others I was on the bearish side.
Even seeing yesterday that on the bitfinex orderbook 4400 support was cleaned up and suddenly filled back with 300+ buy orders.
That is bitfinex and the publicly available orderbooks are not trustful anyway.
TA can easily become a bias.