moon333

BTCUSD struggling at pennant support

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Priceline of Bitcoin / US Dollar is forming different harmonic patterns , previously it formed bullish gartley and this time it has also formed another harmonic , this time price action has strong pennant support at:9299 and above this price 100MA support therefore in my previous chart I predicted gartley as below:

But now the price action has almost broke down the 100MA support and going struggling at pennant support if this pennant support will be also broken then the price action will go to hit 200MA support and next priceline support which is almost at $7500.
In second case the price action may form a bullish butterfly and take bullish divergence after forming last leg between 1.27 to 1.618 Fibonacci
MACD is strong bearish .
RSI has still more room to drop and enter in oversold zone.
If at this support MACD will turn bullish then the gartley will be not invalidated and the targets as mentioned in my previous chart will be hit otherwise I will post my next chart after breakdown of pennant support lets wait and watch.

Best of luck and regards,
Atif Akbar (moon333)
Very nice analysis mate. Ive got a bearish setup

+1 Reply
Thanks.
Different metrics for me, but similar outcome ( bearish case ).



I would keep an eye on MA100/W within next few weeks.
A bath into the "liquidity pool" below 8500$ would actually strengthen the bullish trend, so i'd welcome it.

As long as MA100/W holds, as it did back in 2016.

Short time we'll have an interesting WE imho, given CME Futures expiration tomorrow.
We may experience some technical rebound, further volatility both ways.

Wel'll see.
Reply
excellent job sir thank u so much
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