BitcoinUpdated BTC - Bearish 3 Drives
BTC is in progress of creating Bearish 3 Drives.This is totally Harmonic Pattern based on Fibonacci numbers.
What is interesting in this set up is the fact that if BTC price reach 3rd drive at point F on chart we will automatically get Double Top. Another thing is that BC leg extension at point F is hitting 1.61 fib. So point F will be completion of Double Top, 1.61 BC extension and 1.27 DE extension.
Of course all that does not mean that price will reverse and start dropping but ... Time will show the truth.
If price drop below pink support line and creates low pattern becomes invalid.
This information is not a recommendation to buy or sell.
What is interesting in this set up is the fact that if BTC price reach 3rd drive at point F on chart we will automatically get Double Top. Another thing is that BC leg extension at point F is hitting 1.61 fib. So point F will be completion of Double Top, 1.61 BC extension and 1.27 DE extension.
Of course all that does not mean that price will reverse and start dropping but ... Time will show the truth.
If price drop below pink support line and creates low pattern becomes invalid.
This information is not a recommendation to buy or sell.
Note
Coinbase chart shows different harmonic pattern but with the same outcome - move up to 9700 level. Pattern is - Bullish 4 point continuationNote
0.38 fib level reached. Few more and we hit the top.Note
If You find this TA helpful please hit that LIKE button cos that means a lot to me.Note
0.38 acts as strong resistance. Note
0.38 level broken. Heading towards 0.61. Sorry for shitty screen - updating from mobile
Note
0.61 reached. Slowly climbing towards top.Note
0.61 fun level broken and confirmed. Moving up nicely toward the top.Note
0.78 and 0.88 levels broken. Hope you enjoy that ride to the topNote
Fib 1 level broken - this baby is flying towards 9700Note
1.13 fib level smashed .9700 smashed
Note
Fib level 1.27 delivered as promisedNote
Just to thanks all of You who followed that trade. Enjoy
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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.