In contrast to most other ideas here on Tradingview I'd like to present two bearish ideas disagreeing with the often stated inverse head & shoulders pattern.
Beside all the bearish divergences found on indicators, the longs reaching almost ATH , and heavily decreasing shorts I see two potential harmonic patterns that may play out.
The first idea is a bullish gartley , after reaching the green rectangle , there's a possibility of creating a third wave C of a bigger ABC correction.
The second idea posted below would be a bullish crab pattern. I believe this version is more likely due to the massive bearish signs.
I also believe that a pump to 4.5k is still possible. Yet my outlook remains bearish.
Beside all the bearish divergences found on indicators, the longs reaching almost ATH , and heavily decreasing shorts I see two potential harmonic patterns that may play out.
The first idea is a bullish gartley , after reaching the green rectangle , there's a possibility of creating a third wave C of a bigger ABC correction.
The second idea posted below would be a bullish crab pattern. I believe this version is more likely due to the massive bearish signs.
I also believe that a pump to 4.5k is still possible. Yet my outlook remains bearish.
Note
Note
Note
btc found support at 3.7k, looks like a bear flag but could be a typical developing bart; potential rise to 3.9k area possible. Not changing first target of 3.5k area though, as market is extremely bearish. I think after reaching the first target we can expect a first small correction before btc will fall further.
Trade closed: target reached
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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.