What's up everyone, due to numerous requests for the future direction of Bitcoin here is my current view for BTC/USD on the 4h chart with a three drives pattern.
I'm expecting a similar move to the one we experienced 2 months ago, you can check out my previous analysis here.
The prediction shown at the link above was used as an indication of future price direction from $890, rather than waiting to short upon completion of the pattern at $1,600.
I will be treating the present setup in the exact same way.
The 0.886 retracement for point B ($1,980) aligns with a bullish bat pattern and bullish reciprocal AB=CD (chart is shown below).
This provides additional validation for a reversal at 0.886 rather than the 0.786 retracement level.
Once we see a reversal between 0.786 and 0.886 I expect a move up to $3,250 creating a new ATH.
There is a lot of speculation that BTC will drop to $1,000 due to it losing a further 13% in the last 24 hours, however, bitcoin has proved many credible analysts wrong time and time again, it will be interesting to see how this trade develops over the next month.