BTC Bearish CrabbieFits within the parameters of a Bearish Crab Harmonic Pattern almost perfectly, and well within the boundaries outlined by Scott Carney (2001)
The critical aspect of this pattern is the tight Potential Reversal Zone created by the 1.618 of the XA leg and an extreme (2.24, 2.618, 3.14, 3.618) projection of the BC leg but employs an 0.886 retracement at the B point unlike the regular version that utilizes a 0.382-0.618 at the mid-point. The pattern requires a very small stop loss and usually volatile price action in the Potential Reversal Zone.
We will see just how far this correction goes -but thus far, PA is behaving exaaacctlllyyy as the pattern would suggest.
$35772 - T1
$29377 - T2
$26330 -T3
We will see. Bulls could step in and invalidate very quickly -will keep an eye on the DXY. It is looking bearish, however it still has the potential to bounce and retest the 200 DEMA, an almost 3% move up.
Which, if my inverse correlation study is correct -would suggest a 45 - 60% correction out of BTC.
Final shakeout before Mars?
Elon?... Satoshi?..
- JNY
3CandleCollective
