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Bitcoin - Bullish Crab

What's going on traders, I hope you've all had an excellent weekend.

Today I'm bringing you a trading setup that I've been watching unfold over the last few days, and now things are starting to fall into place as price has just re-tested the previously broken support at $10,310.

If you're a long time follower of my ideas you'll know that the majority of my setups are based on harmonic patterns, which is the main focus point of today's analysis.

We're currently looking at a bullish crab pattern on the 4h chart for BTC/USD completing at $8980 which I've marked as the prime level to buy.

The measurements for a valid crab pattern are detailed below.

XA Retracement: 0.382 - 0.618
AB Retracement: 0.382 - 0.886
BC Projection: 2.618 - 3.618
XA Projection: 1.618

You may ask why is this the prime level to set buy orders? The main reason behind this is based on how many different measurements form within a close proximity of this price level, it marks an overall correction of 35% from $13,873 and it's at the lower end of our buying range between $9481 and $8818 which is a 7% range from top to bottom.

I'm favouring a long-term hold from $8980 when you take into account the move to $13,873 is a 54.60% gain.

If you're trading bitcoin based on margin then using several take profit targets is recommended, the first one being $10,310.

I'd also pay attention to a break above the resistance trendline, this may indicate the beginning of a move to $13,873.