Big Bearish Bat? BTCUSD 2760 target
Updated
Well, my first predictions went well from the last post and the first profit target was exceeded at 2600 Fit Ret, so now it might be a bat at 2760 where D snaps onto the next Fibonacci Retracement.
Not sure if I have the dimensions right but somethings going on.
BTCUSD
I support this with the big W on MACD at the 1hr scale. After reaching D we are looking at a correction down to regulate the overbought situation possibly down to the last Fibonacci Retracement levels maybe at 2420-40 or 2600 or 2760 which is also clear from the big M on the MACD 1day chart.
Of course there's a third option which is that D is now and then we will see this system close and the correction down coming now-ish but I doubt that. Strong support at 2420-40 and 2100.
Wildest possible option is that we are looking at a big bearish butterfly in which case the target for D is 3150 !!!
See this:
The past post:
Not sure if I have the dimensions right but somethings going on.
BTCUSDI support this with the big W on MACD at the 1hr scale. After reaching D we are looking at a correction down to regulate the overbought situation possibly down to the last Fibonacci Retracement levels maybe at 2420-40 or 2600 or 2760 which is also clear from the big M on the MACD 1day chart.
Of course there's a third option which is that D is now and then we will see this system close and the correction down coming now-ish but I doubt that. Strong support at 2420-40 and 2100.
Wildest possible option is that we are looking at a big bearish butterfly in which case the target for D is 3150 !!!
See this:
The past post:
Note
Scaryyyyyy: Note
Its a full on war in the book - 2619.9 vs 2620.0 is the spread with volume - whoa!! breaking downwards now lets see how deep we goNote
The Fibonacci Retracement is at 2609 so this is the war right now... lets see who wins. If it reverts then its a short down to last Fib Ret at least at 2501 thriller horror movie is on!Note
Come on back up!! Note
YESS MACD is turning 1min chart - buyers market, you want one, price just went up!! Note
Oh oh here comes trouble!! Note
phewww off we go it looks - still quite a battle in the order book but trades are going up with real volumeNote
Still not safe Note
only a couple of red candles with some deep lows and we should be safe, lets go to 2650 real quick pleaseNote
ALERT - be ready to pull out: Note
This might be the end - be very careful, as MACD went to sellers market on 15 and 30min now Note
I've put the tail of the wing / D at 2609 which is Fib Ret .618 so somethings up -- just in case. But - we might still just be in the battle around this special attractor, so I'm keeping my long position for now!Note
Get out!Note
I've closed my position and waiting for 2609 to settle down - it can swing both ways which is a risk I dont want to take. Rather lock in my profit from the 100 points up from my opening at 2510. I can afford to wait and see what direction we are going - easy with a limit 20 points up and down.Note
Updated the bat with much more precise XABCD intersects with actual hi/low candles and it turns out the little deviation from plan can still be kept inside the bat. If we go to 2612 I will jump back in Long. Note
Poetic justice that it was a butterfly that made me jump there... Note
Butterflies and Bat's the scary movie 2 HAHAHAH Note
Here's why I think this system ends now - MACD is forming a massive M on the 15min chart and we dont have that many candles left towards D on the 2606 Fib Ret (.618) -- so we will run out of time before it reverses as M is bearish. Now there is a butterfly so this could be the start of the short... lets see ... waiting tick tack... Note
come ooooonnnn just gives those red candles and get over with it Note
There's 1015 coins at 2621 ... whaaat!! order book is looking bullish. 6 at 2622Note
Suply side 0.8 at 2623... so I went long and hope for the best as I think this deal might just possibly be back in businessNote
off we gooooooNote
Battle of 2606 was won in favor of long. I went long at 2621 because I have nerves of steel (hah, nah, just kidding...) and had a stop at 2600. I expect the target to be 2750ish but I still need to measure the correct dimensions of our big bad bat to say that precisely... :D the Fib Ret at 2760 is my current inspiration for that but lets see Note
As seen above I was really nervous that 2606 would be the end of the system and that this Fib Ret would be passed. I thought it did and we would have seen 2760 but no, it did end and we now see the correction downwards Note
2500 being tested alreadyTrade closed: target reached
Though this might not have been harmonic the levels were good and I'm now long from 2440 after seeing this butterfly? and what not on RSI, MACD and a doji that got confirmed with a green candle. My long isn't going to be changed until I see some specific patterns requiring action and I believe it should go to test 3000 with the usual S/R speed bumps on its way, so pay attention at those 2509, 2660 and 27-something
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