The crypto market is shaping up nicely this week and I'll be ready to capitalise on several price drops very shortly! Today I'm looking at BTC/USD on the 4 chart with two harmonic patterns forming at different price levels.
Blue, bullish butterfly.
The measurements for a valid butterfly pattern are detailed below. B: 0.786 C: 0.382 - 0.886 D: 1.618 - 2.24 X to D: 1.272
Black/Grey, bullish crab.
The measurements for a valid crab pattern are detailed below. B: 0.382 - 0.618 C: 0.382 - 0.886 D: 2.618 - 3.618 Final X to D: 1.618
Right now price is dropping heavily towards the completion of the bullish butterfly at $3435, in this area I'll be looking to go long and take advantage of a jump in price.
I will more than likely buy Syscoin at the same time to maximise potential profit, you can check out this idea below.
Depending on future movement we may see the bullish crab complete just below the previous high at $3000.
I'll be updating this idea as it progresses, I hope you all have an excellent weekend when it comes.
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Bullish butterfly complete following a heavy drop in price, at the moment this may not be a safe entry due to panic selling but I'll be watching closely on the lower timeframes.
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I've got my eyes on $2800 :)
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We're now closing in on $2800, I'll be looking to buy in this area.
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I'd like to give credit to Six Figure Capital student: tradingview.com/u/cdschultheis15/ for his impeccable analysis on bitcoin, he predicted the correction from $5,000.
Check out his analysis below and click that play button.
He claims the 0.886 retracement level will be achieved over time with a $700 target which is extremely bold but with the current market situation and bitcoin losing 40% of its value in 2 weeks no one "really" knows where price will go.
To all those who are not keeping up to date with news, here is the main reason for the decline over the past week.