After a sudden drop in Feb,19 (marked blue) bitcoin started printing hh's and hl's. This indicates an uptrend (marked black). It already recovered 70% of the drop. Typically, a correction takes 30-50%. When you have a movement recovering 70% chances are that it is not a correction anymore but a reversal.
In UG setup rules we wait for price to go deeper and hit 78.6% correction level to get an extra confirmation of the trend. If this happens most likely the downtrend drop will be totally recovered and a new high will be installed
list of terms:
UG: Unified Gartley.
hh: Higher High.
ll: Lower Low.
In UG setup rules we wait for price to go deeper and hit 78.6% correction level to get an extra confirmation of the trend. If this happens most likely the downtrend drop will be totally recovered and a new high will be installed
list of terms:
UG: Unified Gartley.
hh: Higher High.
ll: Lower Low.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.