BTC/USD – ABCD to test 5k support

Nov 14, 2017

Before we can safely move upwards a test of 5k is required to solidify support. So how do we get there?

Possible ABCD Pattern

• AB leg ATH 7900 to 5400 (complete)
  
• BC correction to just under 7k (6940 – in progress)
  
• CD leg completes pattern at 5k for long entry
  

BTCUSD

Nov 14, 2017

Note

BBands tightening.
Expecting a big move in the next few hours.
Hopefully break to the upside to 7k before more significant leg down to 5k.

Nov 15, 2017

Note

Breakout confirmed to the upside.
Very close to our 6940 target.

Nov 15, 2017

Trade closed: stop reached

Closing out this idea. My stop was reached over 7k and the pattern has been invalidated, unfortunately.

I'm keeping a close eye on the next fib line (0.786) at ~7300 area for a possible short-term correction potentially down to retest 7k, or depending on whale play maybe retest 0.5 fib at 6700 and stop out a bunch of people before next leg up.