Smarter Investing Starts with Smarter News
The Daily Upside helps 1M+ investors cut through the noise with expert insights. Get clear, concise, actually useful financial news. Smarter investing starts in your inbox—subscribe free.
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
Structure: The pattern comprises three consecutive lower lows, each labeled as Drive 1, Drive 2, and Drive 3.
Symmetry: Each drive typically follows a symmetrical time and price relationship. The retracements between the drives are often measured in Fibonacci ratios.
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.
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.
Trading Tools ⚒ 🔧
TradingView – The Ultimate Charting Platform
Looking to level up your trading game? TradingView is the go-to platform for millions of traders and investors worldwide. With cutting-edge charting tools, real-time data, and a vibrant community of market enthusiasts, you’ll have everything you need to analyze and trade like a pro.
Why Choose TradingView?
Advanced technical analysis with customizable indicators
Access to global markets in one place
Social trading features with idea-sharing from top traders
User-friendly for beginners and powerful for pros
Sign up now and start making smarter trading decisions today!
Get Started with TradingView
Blofin – Trade with Confidence on a Next-Gen Crypto Exchange
Discover Blofin, a cutting-edge cryptocurrency exchange designed for serious traders and beginners alike. Blofin offers an intuitive trading experience, robust security features, and advanced trading tools to help you stay ahead of the market.
Why Choose Blofin?
Low fees and fast trade execution
Comprehensive analytics and market insights
Industry-leading security for your peace of mind
A wide range of cryptocurrencies to trade
Ready to explore a smarter way to trade crypto?
Join Blofin Now & Claim a $2000 Future Deposit Bonus.
X Segment 📰 🗞
Trading Psychology 🧠
How did we do in this issue?
Bitcoin Insider bouncing back to work, See you in the next one! 👊