Hi domavila,
upside action after Point D in your chart is not impulsive enough. I expect a retest of 0.0025 BTC first.
BR,
holzmichl
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Hi domavila,
upside action after Point D in your chart is not impulsive enough. I expect a retest of 0.0025 BTC first.
BR,
holzmichl
@holzmichi Hi holzmichi,
I'm glad you commented and you are correct. Usually after the harmonic pattern completes, in this case, the crab pattern, we want to see a nice impulsive reaction straight to target 1 or near there, but this did not happen in this instance.
What the bulls have going for them is nice consolidation in this level and have possibly formed a triple bottom. If this support doesn't hold, your prediction of some downside price action to the 0.0025 BTC area is entirely feasible. If that happens I will be stopped out at 0.0029 BTC but that's trading. You win some and you loose some, the key is keeping your winners bigger than your loosers.
Always feel free to comment because discussing our ideas makes us better traders.