BTCUSD - Three Drives Pattern Possibility on 8H TF
Updated
Hey Guys,
We seem to be forming a three drives pattern on 8 hour chart of BTCUSD.
So here's my set up for this short term.
Entry: 31100-32000
Stop: 29800
Target 1: 35200 (%35)
Target 2: 36500 (%30)
Target 3: 37800 (%25)
I'll be keeping a %10 from this position just in case we see a rise in volume and RSI when the price comes to 3rd top around 37-38K. Just like suggested in the chart above.
If we don't see that rise happening, then I think we're good to short BTC in that price area as it will be completing this pattern. (Also this possibility matches with the rectangle continuation pattern idea - You may find it attached below.)
If the volume and RSI is higher than the 2nd top, then it's also possible Wyckoff phases are probably in action and we will see higher prices. Check it out on the related ideas too.
PS: This is no financial advise, always DYOR! Trade responsibly.
Cheers.
We seem to be forming a three drives pattern on 8 hour chart of BTCUSD.
So here's my set up for this short term.
Entry: 31100-32000
Stop: 29800
Target 1: 35200 (%35)
Target 2: 36500 (%30)
Target 3: 37800 (%25)
I'll be keeping a %10 from this position just in case we see a rise in volume and RSI when the price comes to 3rd top around 37-38K. Just like suggested in the chart above.
If we don't see that rise happening, then I think we're good to short BTC in that price area as it will be completing this pattern. (Also this possibility matches with the rectangle continuation pattern idea - You may find it attached below.)
If the volume and RSI is higher than the 2nd top, then it's also possible Wyckoff phases are probably in action and we will see higher prices. Check it out on the related ideas too.
PS: This is no financial advise, always DYOR! Trade responsibly.
Cheers.
Note
This pattern is still in shaping mode. The reversal has occurred at 0.382 Fibo, where I was expecting it to reach 0.236.Still, this does not affect the pattern. When you look at the same pattern on daily up to 65K, you'll see similar reversal for the second drop.
Now, we'll be waiting to see if this pattern will work out once the price reaches 37500 area. As stated before we've to see some low rsi and low volume when it comes to that, to be more trustworthy of this pattern.
Whoever got into the trade without limit orders, target 1 is reached.
Following up for more.
Cheers.
PS: Hit the play button. (:
Order cancelled
Price never reached it's mark at 3rd wave, around 37 area.So the formation never happened, just hit play to see.
Trade cancelled accordingly.
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