It is important to be aware that Bitcoin is currently at critical levels since the parabolic move it had since 9.8K. In the following chart we can observe a bearish harmonic pattern developed on the weekly time frame. This type of pattern typically indicates a potential reversal zone. It is fair to proceed with caution by having an strategy and to trade accordingly.
Measure rule After price turns down at D, it drops to A 34% of the time, to B 99% of the time, and to C 51% of the time. You can use those as targets for reference.
It is also important to understand that any bearish pattern can underperform on a bullish trend. TRADE RISK-PONSIBLY AND ALWAYS SET A STOP LOSS.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.