BTCUSD Long Term Chart Patterns WXY Correction Targets
BTCUSDIn this video I look at chart pattern possibilities, including the text book break down from the recent Inverse H&S Pattern reaching its target to the tick! This target hit the ATH 50% Fib., to the tick practically!
Also, I highlight the potential Inverse Cup & Handle Pattern I'm seeing develop. As of this report
BTC has retraced 50% from swing high($12,473) to the local swing low($9,825.xx). Should BTCUSD retrace past this 50% level(higher), then Inverse Cup & Handle pattern should be considered invalid technically. Anything greater than 50% retrace on handle should nullify this pattern, Inverse or not.If Cup and Handle plays out, a target of roughly $7,500 is considered! This puts BTC price close to 61.8% retracement($7,143.99) of March-August Rally.
I propose a WXY correction to achieve these targets!
WXY Fibonacci Extension Targets for "Y" Of course this is purely hypothetically speaking should the "X" pivot hold as I report this. It's entirely possible that price can briefly pierce higher, thus slightly altering the fib. levels, in which case I'll update as necessary....
61.8%: $9,546.59
78.6%: $9,101.74
100%: $8,535.08
123.6%: $7,910.17
138.2%: $7,523.57
161.8%: $6,898.66 (Y wave should not exceed the 161.8% extension) I interpret this as that the Y wave can in fact extend up to this level, though, should be considered suspect as it approaches and eventually surpasses the mark!
In addition to the potential Cup & Handle, should that develop, there would be/ is nonetheless, an Inverse Head & Shoulder Pattern possibly developing as documented in the video analysis!
I'd love to get your feedback! Also, please leave a like and feel free to follow, as I will be offering more chart analysis, focusing predominantly on Bitcoin and Cryptocurrencies. Occasionally DXY and EURUSD too!
Check out TheFreeCryptoPress.Com!
At TheFreeCryptoPress.Com
BTCUSD There's a Code for 20% Off Top CBD Products at JustJaneCBD Boutique Online! Look for the code on the site if you wish.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.