BTC
recently completed its initial reaction to the reversal zone of the bullish crab pattern. As per the author of harmonics trading strategy, for type 1 reactions (Bounce), the target would be around 0.382-0.618 of point A-D within 1-6 candles. Bitcoin bounced according to this rule by the book. The price then reversed to retest the reversal zone TODAY. Price seems to be holding up above it for now but it can still spike down. However, the expectation is for the price to consolidate at the reversal zone for 7-12 candles. If bitcoin follows this rule by the book, then we might see bitcoin's reversal in a week or two.
It is unclear though if the candles meant by the author is on the same timeframe or if it can be of a smaller timeframe like an hourly or a 4 hour tf. Because he showed an example of type 2 REVERSAL using a weekly timeframe where the price just exploded in just 1 candle.
Peace!