BTC / USD, W1 - potential bullish harmonic pattern
The potential harmonic pattern has been creating on the weekly bitcoin chart. It is a structure reminiscent of Gartley pattern, where the CD wave stops inside the XA wave. In theory, this is a bullish harmonic formation that could herald a new upward impulse.
It is also worth paying attention to the defense of support in the area of the lower limit in the downward channel. However, for the new impulse to appear, resistance in the area of USD 6515 should be first defeated.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
It is also worth paying attention to the defense of support in the area of the lower limit in the downward channel. However, for the new impulse to appear, resistance in the area of USD 6515 should be first defeated.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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