Multiple Bearish Indications for Bitcoin
Updated
Lowest ideal price target according to set up patterns,
Bearish Butterfly target: $7,300;
H&S, and Broadening wedge pattern target $7,400
Fibonacci 161.8% $7,500
Bearish Butterfly target: $7,300;
H&S, and Broadening wedge pattern target $7,400
Fibonacci 161.8% $7,500
Note
Hidden Bearish DivergenceNote
UPDATE![What's Up with Bitcoin? Updates [4-18-18]](https://s3.tradingview.com/b/bG9ysIE9_mid.png)
Note
Now, Head & Shoulders signals target at $7,300 too.Note
Note
Also, to be honest, I ignored the fact that on the separate indicator MBL and RSI were sufficiently low as a retracement to continue my forgotten wedge breakout profit target.Note
FAILURE: I forgot major chart pattern (wedge breakout) target is contradictory to this bearish post.Note
Butterfly now recalled invalid. Improper setup.Note
Secret revealed which influenced the improper butterfly call:I used an MT4 harmonic pattern identifier indicator and had not paid attention to when it is identified as a false signal.
Note
Ignored facts which contributed to failed forecast: Reviewing higher time frame 540 which indicated a potential support by indicator RSI from MBL, and price support from MBL overlay and upward steepness of MBLs.Reviewing combined with 270, price could hold overlay 50 midlevel as support for confirmation uptrend continuation and indication price had the potential of rising to MBL overlay to break through or at minimal test to. Therefore missed the opportunity of entering at point C of newly formed ABCD Fibonacci pattern into $9,500. Ignored the fact the the most alerting, the 90min chart indicated oversold and that besides the ignored fact of an uptrend would mean it the best alerting moment of buying.
Note
My fault for not having yet developed the Traders Dynamic Index Overlay until April 20th. So I couldn't really have ignored something that had not yet been invented nor used.Note
Potential for future betterment and forecasting accuracy is increased with the complementary aid of the Traders Dynamic Index Overlay.Note
New "rules" (guide) to consider for current and more accurate forecasts:![1] How to use Traders Dynamic Index and Complementary Overlay](https://s3.tradingview.com/s/S0OIsmhr_mid.png)
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