Bitcoin - Three Drives
Hello traders, due to numerous requests for the future direction of Bitcoin here is my current view for BTC/USD on the 4h chart.
I'm expecting a similar move to the one we experienced 2 months ago (chart is shown below).
The prediction above was used as an indication of future price direction from $890, rather than waiting to short upon completion of the pattern at $1600.
I will be treating the present setup in the exact same way.
The 0.886 retracement for point B aligns with a bullish bat pattern and bullish reciprocal AB=CD (chart is shown below).
This provides additional validation for a reversal at 0.886 rather than the 0.786 retracement level.
There is a lot of speculation that BTC will drop to $1,000 due to it losing a further 13% in the last 24 hours, however, bitcoin has proved many credible analysts wrong time and time again, it will be interesting to see how this trade develops over the next month.
Connect with me below for more training inspiration :)
I'm expecting a similar move to the one we experienced 2 months ago (chart is shown below).
The prediction above was used as an indication of future price direction from $890, rather than waiting to short upon completion of the pattern at $1600.
I will be treating the present setup in the exact same way.
The 0.886 retracement for point B aligns with a bullish bat pattern and bullish reciprocal AB=CD (chart is shown below).
This provides additional validation for a reversal at 0.886 rather than the 0.786 retracement level.
There is a lot of speculation that BTC will drop to $1,000 due to it losing a further 13% in the last 24 hours, however, bitcoin has proved many credible analysts wrong time and time again, it will be interesting to see how this trade develops over the next month.
Connect with me below for more training inspiration :)
📈 Master the Art and Science of Trading: sixfigurecapital.com
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