BTCUSD - Bearish ABCD Pattern

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The formation of the bearish ABCD pattern suggest that we may be seeing bearish price movement to the 0.618 Fibonacci level like we saw during the AB leg. If that level of support does not hold, next could be all the way back to the lower blue box (2600-3000 USD). If price continues higher (above 6200 USD), this pattern is most likely invalid.

This is my very first published idea here. Thanks for reading, please feel free to comment below.
Comment: Price surged upward, taking out all-time-highs. This pattern is invalid.


imo, we are in point where carnage begins. 1 month chart shows divergency on rsi, first time from last bubble explision. Cycle ends now.
+1 Reply
Nice chart sir!! Great job!
+1 Reply
pjims goldbug1
@goldbug1, thanks!
Thank for your TA, I'm looking forward to see more ideas. I think we won't see 6k.
+1 Reply
pjims Munday
@Munday, thanks for commenting! Yes, it's possible since we already reached the D price level a few days ago.
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