Bitcoin - Bullish Deep Crab
What's up everyone, I'd like to provide some technical thought amongst all of the madness in the crypto world right now.
Bitcoin is currently forming a bullish deep crab pattern on the 1h chart, providing a trading opportunity with a 1:2.5 risk to reward.
The measurements for a valid deep crab are detailed below.
B: 0.886
C: 0.382 - 0.886
D: 2.24 - 3.618
X to D: 1.618
I'll be expecting price to stall out once it reaches the D point, this forms on a key level of support!
As you can see from the daily chart below the pattern completes slightly above the daily support trendline.
This is sufficient reasoning for a reversal to take place and seems likely considering Bitcoin has already corrected by 50% since the all time high.
Keep this setup on your watch list :)
Bitcoin is currently forming a bullish deep crab pattern on the 1h chart, providing a trading opportunity with a 1:2.5 risk to reward.
The measurements for a valid deep crab are detailed below.
B: 0.886
C: 0.382 - 0.886
D: 2.24 - 3.618
X to D: 1.618
I'll be expecting price to stall out once it reaches the D point, this forms on a key level of support!
As you can see from the daily chart below the pattern completes slightly above the daily support trendline.
This is sufficient reasoning for a reversal to take place and seems likely considering Bitcoin has already corrected by 50% since the all time high.
Keep this setup on your watch list :)
Nota
Price is quickly approaching $9,000 to complete the pattern, pay close attention to price formation and volume.Nota
I suspect price may return to the support zone at $9,000 as shown below.I would pay close attention to the area in which price is trading in right now and the resistance trendline.
If there are any indications of a decline I will be sure to update my analysis.
Nota
We're now approaching the 9k level to re-test the PRZ of the bullish deep crab.Although, in the Six Figure Capital Telegram channel Kyle pointed out that price has also formed a valid bullish cypher so our options are open.
Keep an eye on the setup below, the viable option seems to be a second test of support... However, pay attention to both for a reversal.
Nota
Here is my current view on Bitcoin, we are looking at a type II re-test.Pay attention to the reversal level at 9k.
📈 Master the Art and Science of Trading: sixfigurecapital.com
📈 Master the Art and Science of Trading: sixfigurecapital.com
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