BTC Bullish Three Drive Pattern?

3 Nis 2020

Potential Bullish 3 Drive pattern forming for BTC on 1hr as shown on chart. Easy Low risk trade here as price shouldn't go below 0.618 Fib zone (recent low or nearby). Lets see how this plays out. Chart is self explanatory with numbers and fibs.

7 Nis 2020

İşlem aktif

0.618-0.786 strong resistance on LTF so some profits can be booked here if entry was below 6800. But BTC still very much bullish and 1.272 Fib test is still valid over next few days. Could be a small pull back but momentum and RSI on HTF looks strong for now.

8 Nis 2020

İşlem aktif

3 tries so far to cross that resistance. Hasn't failed 0.618 ext yet. So still looks bullish overall.

9 Nis 2020

İşlem aktif

Price likely to test the 0.5 fib ext. one more time to help us decide the direction of this trade. Holding 25% with buy orders at 0.5 fib of 7126. Given that the 2nd test was just a wick testing it, 0.618 fib ext seems like a strong support for now.

10 Nis 2020

İşlem elle kapatılmış

Fail of 0.618 ext. forced close this trade. Still likely bounce expected as long as price doesn't go below 6550