Traders, today we have BTC/USD on the 4h chart with a bearish AB=CD pattern.
The measurements for a valid AB=CD pattern are detailed below.
C: 0.618 - 0.786
D: 1.272 - 1.618
I'd like to break down several aspects of this chart in order to show everyone exactly what I'm looking at.
#1: Ascending channel and untested high
Price is showing signs of indecision at resistance around $6,000.
Previous ATH still untested.
#2: Potential three drives formation
#3: Similarity in price moves
Price move A to B to achieve the previous ATH at $5,000 is similar to C to D.
As always use this analysis in relation to your own.
I'll be updating this idea as it progresses, I hope you all have an excellent weekend.
The measurements for a valid AB=CD pattern are detailed below.
C: 0.618 - 0.786
D: 1.272 - 1.618
I'd like to break down several aspects of this chart in order to show everyone exactly what I'm looking at.
#1: Ascending channel and untested high
Price is showing signs of indecision at resistance around $6,000.
Previous ATH still untested.
#2: Potential three drives formation
#3: Similarity in price moves
Price move A to B to achieve the previous ATH at $5,000 is similar to C to D.
As always use this analysis in relation to your own.
I'll be updating this idea as it progresses, I hope you all have an excellent weekend.
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