BTC/USDT Potential Bearish Exhaustion
Updated
BTC has completed a three drives harmonic pattern on the 15min chart, forming three successive lower lows with Fibonacci extensions of approximately 1.62. This may be an indication of temporary trend reversal. This is more for my personal education and evaluation of the success rate of this harmonic pattern. I did not open a trade due to the volatile and unexpected nature of bitcoin.
If I did, I would have opened a long position upon a candle crossing above the bottom of the trading range with the following setup:
Buy: 47040
Stop loss: 46270
Take profit: 49580 (62% retracement of the downward movement)
This is not financial advice and should not be taken as such.
If I did, I would have opened a long position upon a candle crossing above the bottom of the trading range with the following setup:
Buy: 47040
Stop loss: 46270
Take profit: 49580 (62% retracement of the downward movement)
This is not financial advice and should not be taken as such.
Trade active
Take profit level reached. If I opened a trade, I would have booked some of my profits here or move my SL up. The local trendline formed by the local highs of the three drives pattern broke as price moved strongly upwards. There is a good chance the top of the trading range will be reached as a second take-profit target (51300). A good indication this might be a true breakout is that more money is moving into altcoins as many alt markets seem to have bottomed out and showed early signs of reversal.Trade closed: target reached
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