Just finished running through a series of posts all on the types of posts allowed in this community and I feel this is the best thing I can write about today seeing that I already analyzed it about 3 days ago. The move is yet to completely play out.
This is a short term trade as the price of Bitcoin has not been stable for a while now. I can't risk bitcoin ruining my trade setups for me. So, the highest timeframe used for my analysis today is the H4.
H4
Well from my chart, it is clear that the Harmonic Pattern I found is a bearish one because my arrows point downwards. All three points of the arrow are the expected targets. Price can turn on any of the targets but I'll be looking out to see price action in each of the areas when price reaches them.
Checking again before writing, I found out that price had been rejected from the first target. The first target is not the main target as price only turns from there on rare occasions. So I went straight to check out what was going on with bitcoin and then I realized it wasn't a rejection but a reaction to movement of #BTC.
H1
Clearly, I could see the recurring little upward movements which I marked out in the picture above. It is usually followed by a downward move from here. So, I'll just keep my cool and expect that to repeat after #BTC finishes its quick move up which I think might be really soon.
The presence of short candles in the last marked circle shows that the move up is probably coming to an end and I might take the short now to the third target. But I think I'll most likely wait for price to come to the third target (which is about 0.7) for me to buy more. That place appears to be a very strong support. If you zoom out your chart, you'll see that too.
First Bearish Target: 0.87
Second Bearish Target: 0.81
Third Bearish Target: 0.71
PS: The Hive I'll be buying are for my personal portfolio and power up and this is not in anyway investment advice.
Till I write again...
I am Pearlumie
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