These ABCD *type* moves have been working pretty well and I've identified three total qualifiers for a potential reversal zone (PRZ) at the level shown. Previous analysis as illustrated in previous charts, has indicated a $500 level (or lower) projection. Here we can see the D leg completion of this harmonic move just short of $480; landing just below the 1.618 AB leg extension and just above the previous structure support... nearly the last of it's kind. Add to that, the fact that we're approaching our next Fibonacci time band and that's more than enough confirmation for me.
Note: this is not a true ABCD pattern, for many reasons. C didn't retrace to .618 or .786. There's not supposed to be a lower low below the B point, between B & C. I'm choosing to ignore these things and the brilliant strategist who dumped 3k coins at market. I will however thank them for filling 3 of my buy positions between 535 and 515. (Pro tip: average your positions.) I'm looking for a harmonic (retracement/extension) move here, not necessarily a pattern completion and 1.618% is being conservative. With the current C point not quite retracing 38.2%, would could see a deeper extension, but I'm not trying to pick the bottom- I'm trying to make bank. Don't expect price to drive straight to the target. Be patient, have a plan of action- whatever may happen.
Cheat sheet for retracements, and the likely extensions you could see them yeild:
Retracement ..... Extension (target)
38.2% ..... 161.8% and beyond
50.0% ..... 138.2 to 161.8%
61.8% ..... 121.4 to 138.2%
78.6% ..... 100% to 121.4
Note: this is not a true ABCD pattern, for many reasons. C didn't retrace to .618 or .786. There's not supposed to be a lower low below the B point, between B & C. I'm choosing to ignore these things and the brilliant strategist who dumped 3k coins at market. I will however thank them for filling 3 of my buy positions between 535 and 515. (Pro tip: average your positions.) I'm looking for a harmonic (retracement/extension) move here, not necessarily a pattern completion and 1.618% is being conservative. With the current C point not quite retracing 38.2%, would could see a deeper extension, but I'm not trying to pick the bottom- I'm trying to make bank. Don't expect price to drive straight to the target. Be patient, have a plan of action- whatever may happen.
Cheat sheet for retracements, and the likely extensions you could see them yeild:
Retracement ..... Extension (target)
38.2% ..... 161.8% and beyond
50.0% ..... 138.2 to 161.8%
61.8% ..... 121.4 to 138.2%
78.6% ..... 100% to 121.4