We have completed a three drives pattern, now we should short looking for 61.8% retracement of the whole move up. 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 trendline to break, and for now we lack the necessary volume to do it, but i guess volume will eventually come.
Entry would have been ideally 1230, i personally entered in a new short by this pattern on the broken 4 points trendline (1217), an other possible entry for a safer trade, would be breaking the second trendline (1205) Stop loss new local high (1233) Target 61.8% retracement of the whole pattern (1164)
Komen
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In case any of you is still trading in bitfinex, this would be the pattern/target in there:
Komen
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Komen
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I personally got out of bitfinex with the wells fargo news, and i think the wise thing is to do so. You can move to gdax where you have 0% maker fee and 0% margin funding fee.
Komen
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Paying attention to this 15min channel and its bullish divergences
I would like to understand why you started counting the 3 drives from there, I'm still studying and making a lot of mistakes, can you point me into some resources or tell me your rationale on why to start counting the 3 drives from there?
bagofXMR
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@WhaleScout, Well. i'm not an expert in harmonics, just starting to play with them, but as far as i know there is no rules about where you should start the count of drives in the three drives pattern.
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 babypips.com/school/summer-school/harmonic-price-patterns/the-abcd-and-the-three-drive.html
CoinDreamer
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Yes, I am still trading at Bitfinex and I also realized btc always more expansive there and not so volatile than other exchanges. Ok, I think I close my short there and go to GDAX. Thank you for the great advice! :)
bagofXMR
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@CoinDreamer,
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:
reddit.com/user/bfx_brandon