The price of bitcoin, after the recent correction, seemed to create a short-term harmonic pattern. In theory, it is a bullish structure and it looks like a Gartley harmonic pattern. It is labeled as XABCD where waves ABCD could be also interpreted as a simple ABC correction.
However, the key resistance at 36342 USD has to be broken to confirm the whole structure. If it is broken we may expect another rally even above 40000 USD per BTC. It seems that only a move below key support at 32265 USD may change the view from bullish to bearish.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
However, the key resistance at 36342 USD has to be broken to confirm the whole structure. If it is broken we may expect another rally even above 40000 USD per BTC. It seems that only a move below key support at 32265 USD may change the view from bullish to bearish.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.