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pjims
Oct 26, 2017 1:29 PM

BTCUSD - Bearish ABCD Pattern Short

BITFINEX:BTCUSD1D
Bitcoin / DollarBitfinex

Description

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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

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Price surged upward, taking out all-time-highs. This pattern is invalid.
AB=CDSupport and ResistanceFibonacciBTCUSD
Comments
MiloszKaszynski
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imo, we are in point where carnage begins. 1 month chart shows divergency on rsi, first time from last bubble explision. Cycle ends now.
goldbug1
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Nice chart sir!! Great job!
pjims
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@goldbug1, thanks!
Munday
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Thank for your TA, I'm looking forward to see more ideas. I think we won't see 6k.
pjims
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@Munday, thanks for commenting! Yes, it's possible since we already reached the D price level a few days ago.
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