Hello traders, here we have another 5-0 pattern but this time on the 1h timeframe with BTC/USD.
The 5-0 pattern is complete but I'm expecting another drop to the D point before rallying to 1074, this is an excellent buying opportunity with over a 1:4 risk to reward.
The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50
I hope your week is full of profit, safe trading everyone!
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This is why I love the 5-0, never fails to amaze me.
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After the successful move from 910 to 1349 price collapsed literally overnight. Since then price formed a bullish bat pattern which has now hit the first retracement level of 0.382.