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Today’s report will include:

• Bullish Three Drives Pattern

• Market Psychology

• Trading Tools

Bullish Three Drives Forming ? 📈 

In Today’s analysis -The Bullish Three Drives Pattern is a classic harmonic trading pattern used in technical analysis to predict a potential reversal in a downtrend, signaling a move higher. It consists of three distinct price swings or "drives" downward, each completing at specific Fibonacci extension levels, followed by a reversal to the upside.

Key Characteristics

1. Structure: The pattern comprises three consecutive lower lows, each labeled as Drive 1, Drive 2, and Drive 3.

2. Symmetry: Each drive typically follows a symmetrical time and price relationship. The retracements between the drives are often measured in Fibonacci ratios.

3. Fibonacci Levels:

   • Drive 2 is often a 127.2% or 161.8% extension of the retracement between the high of Drive 1 and its retracement.

   • Drive 3 is a 127.2% or 161.8% extension of the retracement between the high of Drive 2 and its retracement.

4. Completion: The pattern is considered complete when the third drive forms, ideally at a key Fibonacci extension. A reversal to the upside is expected afterward.

Bitcoin is potentially forming a Bullish Three Drives with Drive D yet to be put in. The current location on the chart is considered resistance, that is the .618 Fibonacci. Price action rejection here will increase the probability of lower support being tested - completing and activating the pattern.

The Trading Strategy

• Entry Point: Activation of a long position will be at the completion of Drive 3, when there are signs of a reversal.

• Stop-Loss: Placed just below the low of Drive 3 to manage risk.

• Take-Profit: A common target is the entrancement level (38.2% or 61.8%) of the entire three-drive structure, price action is to be used upon discretion/ management.

Hope this analysis helps.

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X Segment 📰 🗞️ 

Trading Psychology  🧠 

Bitcoin Insider bouncing back to work, See you in the next one! 👊