Another day of tiny volume, drafting what people is starting to call another "Bart" pattern, this time inverted.
Actually, if we want to be more rigorous with the TA and Pattern Recognition nomenclature this is what is called as Bear Flag... again...
Flags or pennants used to indicate a sudden acceleration of the price, it could be upwards or downwards but, since it is placed at the end of a long candle down it is more likely that the acceleration would occur by the same direction, downwards...
Also, I feel it must be downwards since the EW-count still has some room to add a 5th wave down and so, complete the long A-B-C correction.
It is also remarkable to indicate what has happened in the recent past, someone may call to this a Fractal repetition, I would call it as a Pattern Repetition. As you can see, in a major scale BITCOIN draw similar hesitance patterns on the week of the 7th and then, another on the 20th... Both resulting on sudden fall...
What is going to happen, I bet for a fall again, completing the 5th wave and so the correction...
The good new is, if BTC manages to consolidate the price at level between 3430 and 3250 USD then , we will have many chances that another Bull Cycle will appear... hopefully stronger than the previous and marking a Higher High inflection...
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Published by Toofasteddie
on
good luck! market following unlogical moves, so hard to suit in a pattern. My logic as yours says we have to go down but probably and following the inverse mode of the market it goes up before to test the "logic" move
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Stick to the plan, then will see
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