BTC BEARISH XABCD HARMONIC BUTTERFLY PATTERN TO ATH
If this is helpful please like. I had a full write up that I somehow accidently deleted before the most recent HH you see.
I notice these patterns work well, especially the higher the TF you go. However, while they can indicate a full reversal, sometimes they just bounce to common fib levels of the AD and continue on their way. This is especially true with a strong trend.
The main thing about this particular one is that it lines up almost perfectly with the ATH which could create a double top. Or it could push past and shoot up not respecting the pattern at all (which is very uncommon at least to some degree.) Another possibility, especially after seeing the spike down today that seemed to Liquidate people or stop others, price could pass the ATH to enter those attempting Long Breakouts and potentially then reverse? It's hard to say with TA seeming to breakdown with crazy price movement. While the AB leg is extreme the overall structure of the patter is solid. The Fibs are within close % of major Fib Ratios.
If price goes below C before it hits D this pattern is invalidated. Typically for best confirmation your CD leg will = your AB leg in terms of time. This is already untrue and the longer it goes the less weight it has for me, but I have seen that there is almost always at least some sort of bounce still respected.
Not Financial Advice. I have been holding coins for years and have decided I want to start trading full time. I try to just trade what I see without sentiment. If you have analysis that supports or aligns with this, please share. Thanks.
I like to check the Fib retracements of AD and CD to see if there is confluence. I can't yet post additional charts but you can run them on yours. There are a number of points that show strong resistance on the way back down.
I notice these patterns work well, especially the higher the TF you go. However, while they can indicate a full reversal, sometimes they just bounce to common fib levels of the AD and continue on their way. This is especially true with a strong trend.
The main thing about this particular one is that it lines up almost perfectly with the ATH which could create a double top. Or it could push past and shoot up not respecting the pattern at all (which is very uncommon at least to some degree.) Another possibility, especially after seeing the spike down today that seemed to Liquidate people or stop others, price could pass the ATH to enter those attempting Long Breakouts and potentially then reverse? It's hard to say with TA seeming to breakdown with crazy price movement. While the AB leg is extreme the overall structure of the patter is solid. The Fibs are within close % of major Fib Ratios.
If price goes below C before it hits D this pattern is invalidated. Typically for best confirmation your CD leg will = your AB leg in terms of time. This is already untrue and the longer it goes the less weight it has for me, but I have seen that there is almost always at least some sort of bounce still respected.
Not Financial Advice. I have been holding coins for years and have decided I want to start trading full time. I try to just trade what I see without sentiment. If you have analysis that supports or aligns with this, please share. Thanks.
I like to check the Fib retracements of AD and CD to see if there is confluence. I can't yet post additional charts but you can run them on yours. There are a number of points that show strong resistance on the way back down.
Order cancelled:
Price moved below making the pattern invalid.