We have this pattern accompanied by regular bear div in the last three peaks, and a longer term hidden bear div from ATH .
So this should be an easy short.
We still have a 2 points to break, and for now we lack the necessary to do it, but i guess will eventually come.
Entry would have been ideally 1230, i personally entered in a new short by this pattern on the broken 4 points (1217), an other possible entry for a safer trade, would be breaking the second (1205)
Stop loss new local high (1233)
Target of the whole pattern (1164)
You can move to gdax where you have 0% maker fee and 0% margin funding fee.
Paying attention to this 15min channel and its bullish divergences
Anyways, technichally this pattern works with 1.272 extensions of each drive, but this one was charted/built with 1.618 extensions of each drive. So maybe this was not a valid three drives pattern and it worked out of luck. I can't be sure to be honest, as this is the just the third three drives pattern i trade.
you can read a bit about it here http://www.babypips.com/school/summer-school/harmonic-price-patterns/the-abcd-and-the-three-drive.html
here you have the premium charted.
And you can probably easily notice the huge market buys: that's big money having their withdrawals cancelled and returned to their bfx balance, thus buying bitcoin asap to get out.
I don't necessarily think this will end catastrophically, but in my opinion it is wise to get out of there just in case.
You can follow the only public announces by bitfinex regarding the issue here: