Bitcoin - Bearish AB=CD
Traders, today we have BTC/USD on the 4h chart with a bearish AB=CD pattern.
The measurements for a valid AB=CD pattern are detailed below.
C: 0.618 - 0.786
D: 1.272 - 1.618
I'd like to break down several aspects of this chart in order to show everyone exactly what I'm looking at.
#1: Ascending channel and untested high
Price is showing signs of indecision at resistance around $6,000.
Previous ATH still untested.
#2: Potential three drives formation
#3: Similarity in price moves
Price move A to B to achieve the previous ATH at $5,000 is similar to C to D.
As always use this analysis in relation to your own.
I'll be updating this idea as it progresses, I hope you all have an excellent weekend.
The measurements for a valid AB=CD pattern are detailed below.
C: 0.618 - 0.786
D: 1.272 - 1.618
I'd like to break down several aspects of this chart in order to show everyone exactly what I'm looking at.
#1: Ascending channel and untested high
Price is showing signs of indecision at resistance around $6,000.
Previous ATH still untested.
#2: Potential three drives formation
#3: Similarity in price moves
Price move A to B to achieve the previous ATH at $5,000 is similar to C to D.
As always use this analysis in relation to your own.
I'll be updating this idea as it progresses, I hope you all have an excellent weekend.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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.