BTC USD Analysis AB=CD Pattern 10-05
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
BTC has bounced from a major support zone of 29000 but at 4HR time frame it looks like completing AB=CD pattern. If the Support is Broken, we can see a massive bearish trend .
After the massive fall from around 40000 the scrip is currently bouncing back for a new Lower High Formation. We can expect resistance at 34000 followed by a bearish rally as mentioned above. Contrary to that if Resistance at 34000 is broken we can expect a very unlikely recovery.
PS: This is not an investment advice- the analysis is purely based on own understanding.
