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Bitcoin - Three Drives

Hello traders, due to numerous requests for the future direction of Bitcoin here is my current view for BTC/USD on the 4h chart.

I'm expecting a similar move to the one we experienced 2 months ago (chart is shown below).

The prediction above was used as an indication of future price direction from $890, rather than waiting to short upon completion of the pattern at $1600.

I will be treating the present setup in the exact same way.

The 0.886 retracement for point B 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.

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.

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