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Cluster

Bullish Movement after Bat-Pattern! BTC to 9k?!Previously on BTCUSD : Bitcoin formed a Bat-Pattern , closed at point D -> Bullish Movement estimated! This low is the third confirmation of the green support line -> upward trend! What's next? Like i mentioned the Bat-Pattern is a bullish signal, so point D was a perfect buy opportunity (related link). I do believe Bitcoin is going up until it hits the next resistance of 8300$ (0.236 Fibonacci-Retracement). MACD is showing bullish momentum, too. Volume is needed to break through and can be a good indicator. The next major resistance is the red area between the 0.382 Fibonacci-Retracement and the 0.236 Fibonacci Retracement of the all-time high in December and the local low at 5800$. Two nearly overlaying retracement are called a cluster , which is usually a strong resistance. Stop-Loss -> No buy zone since I'm already bullish -> Stop-Loss right under the green support line (at this time ~7600$) -> First take profits may be played at the first resistance -> stay tuned for updates on the momentum This is not financial advice. If you want to know more about fibonacci-retracements, harmonic patterns and cluster, feel free to write me an PM.
COINBASE:BTCUSDLong
by Fabico392
1
(Daily) The Bullish Bat & The Third Elliott Wave // IF=THEN ®FX:EURCAD iMPULSE LEG: Wave 2 = 61.8% of wave 1 (Prices usually do not retrace more than 61.8% of the wave one gains; Can never exceed the start of wave 1); wave 3 = 161% ext of wave 1 (can never be the shortest impulse wave); wave 4 = 38.2% to 50% of wave 3 (can never overlap wave 1 ); wave 5 = wave 1 CORRECTiON: Wave A = usually around the 50%/61.8% of wave 5 Wave B = Usually 50% of Wave A and Should not exceed 75% of wave A Wave C = Wave A (AB=CD) 161% ext Wave A 262% ext Wave A BAT: Point B: 38.2% to 50% XA Point C: 38.2% to 88.6% AB Point D: 88.6% XA Targets: TP1 38.2% AD TP2 61.8% AD Safe Trades;
Long
by Andre_Cardoso
3