Yesterday I posted a bearish Gartley idea but sadly we went beyond the D wave, there is still a harmonic in play but I unless we see more upside, I won't go back there for now.
At the moment on the very low time frames, we could be making a potential inverse head and shoulders that could take us back to the $11,200 levels if it plays out. We need symmetrical shoulder widths for it to be valid. I'm fine with the head and shoulders patterns leaning, providing the bullish ones have an downward sloping neckline and the bearish regular head and shoulders slope upward.
Won't be long before we see if this one plays out.
I think its a bust on the trade.
I think it was just a retest of of old support that became resistance
Sometime I get snagged like that because I fail to see the big picture
mike73234
⋅
10400-10600 (bitmex) is actually in play right now, get past it the its a good indication of a bounce (to me), and rejected then more down movement
mike73234
⋅
possible but BTC would need to exit channel to make it
Also i see a bullish divergence on 15
its a fight for a bottom, (temporary bottom)
PhilHumphreys
⋅
@mike73234, Agree, this is a short term long for me. I don't expect we get to the top of the channel (close but not quite to the top). My target's lined out around $11,200. If we make it and go beyond, I'll have to rethink it.
I think it was just a retest of of old support that became resistance
Sometime I get snagged like that because I fail to see the big picture