BitCoin Harmonic Patterns
Updated
After reviewing various intervals, I have found a number of distinct harmonic patterns that provide clear structural reactions. After last week's 3.14 reversal, the price has formed successive harmonic patterns - Bullish AB=CD@1880, Bearish Gartley @2240 and now a Bearish Bat @ 2280 on the retest. It looks like another bearish execution at these levels. The Bullish AB=CD @ 2050 IS the immediate harmonic support holding for now. However, the corresponding rally has resulted in two bearish harmonic formations. These immediate Gartley and Bat patterns are capping 2300 as upside resistance. In fact, the Gartley has a PERFECT AB=CD (0.618/1.618) @ 2310.
This is setting up for a nice a 3:1 to execute 2280-2290 PRZ, stop +2350 and initial target 2040 for 1st half then see if we can bust down to 1700 (after AB=CD failure).
Crypto Harmonic Trading Notes - First, this is a trade. Harmonics are all about providing proper expectations at the correct measures. Harmonic patterns serve as a basic framework. I have seen many critical AB=CDs, 88.6s and 61.8s mark critical levels in particular. Keep an eye on these measured situations when they develop. Up, down...it doesn't matter - this thing is moving and that's what counts!
The digital future is bright but only at the right price.
This is setting up for a nice a 3:1 to execute 2280-2290 PRZ, stop +2350 and initial target 2040 for 1st half then see if we can bust down to 1700 (after AB=CD failure).
Crypto Harmonic Trading Notes - First, this is a trade. Harmonics are all about providing proper expectations at the correct measures. Harmonic patterns serve as a basic framework. I have seen many critical AB=CDs, 88.6s and 61.8s mark critical levels in particular. Keep an eye on these measured situations when they develop. Up, down...it doesn't matter - this thing is moving and that's what counts!
The digital future is bright but only at the right price.
Note
Correction: Bullish AB=CD Completion@2060 NOT 1880. 1860 CURRENT LOW.
Scott Carney
HarmonicTrader.com
Founder
HarmonicTrader.com
Founder
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