robbiegrass
Long

Bearish Gartley makes the perfect downtrend break + retest!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is currently consolidating between the resistance and support line.
After observing Bitcoins behavior we can make the following observation(s):
- Bitcoin's price bounced when RSI hit oversold condition on the daily.
- Bitcoin's daily MACD crossed right after it tested the support line several times.

We can spot the start of a possible Bearish Gartley which could make Bitcoin break the resistance line.
This Bearish Gartley would copplete at approximately 10700 USD.
The Bearish Gartley , after completion, retraced an average of 18% ( Based on the data used from http://thepatternsite.com/GartleyBear.ht... )
If the bearish Gartley completes, followed by an average retrace after the completion of the Gartley , this would result in the perfect retest of the resistance line.


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