Three Drives Pattern
Updated
We have completed a three drives pattern, now we should short looking for 61.8% retracement of the whole move up.
We have this pattern accompanied by regular bear div in the last three peaks, and a longer term hidden bear div from ATH.
So this should be an easy short.
We still have a 2 points trendline to break, and for now we lack the necessary volume to do it, but i guess volume will eventually come.
Entry would have been ideally 1230, i personally entered in a new short by this pattern on the broken 4 points trendline (1217), an other possible entry for a safer trade, would be breaking the second trendline (1205)
Stop loss new local high (1233)
Target 61.8% retracement of the whole pattern (1164)
We have this pattern accompanied by regular bear div in the last three peaks, and a longer term hidden bear div from ATH.
So this should be an easy short.
We still have a 2 points trendline to break, and for now we lack the necessary volume to do it, but i guess volume will eventually come.
Entry would have been ideally 1230, i personally entered in a new short by this pattern on the broken 4 points trendline (1217), an other possible entry for a safer trade, would be breaking the second trendline (1205)
Stop loss new local high (1233)
Target 61.8% retracement of the whole pattern (1164)
Comment
In case any of you is still trading in bitfinex, this would be the pattern/target in there:Comment
Comment
I personally got out of bitfinex with the wells fargo news, and i think the wise thing is to do so.You can move to gdax where you have 0% maker fee and 0% margin funding fee.
Comment
Paying attention to this 15min channel and its bullish divergences
Trade closed: target reached
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