ninjabenja
Short

Batten down the hatches, bitcoin could be taking on water

BITSTAMP:BTCUSD   Bitcoin / Dollar
The larger bearish trend appears to have won out yet again, with price slumping away from what was a half hearted attempt by bulls this past month. On the horizon is this beautiful bullish Gartley and even now price is curling in towards 'D' point completion at just above $180.

I tend to post quite a few screen shots to TradingView chat. These are made up of more "spit-ball" ideas not typically worth/worthy of publication. However, I wanted to share one since it's relevant to the implications on this chart.
snapshot

Here we see prior instances of consolidation on a weekly scale. Shown circled are three consecutive weeks of price consolidation, yielding lower with each new candle close. Of note is the sharp sell-offs which have followed. We are now emerging from the sixth such consolidation, this time lasting 4 weeks. RSI illustrates clearly where we have broken bullish momentum in previous circumstance and in each instance the end result being a new lower low.

Trade Plan: Short to 'D' completion where we take profit and await confirmation for a long entry. Typical targets on a gartley pattern are .382 and .618 of the distance XA,. Pattern becomes invalid once price violates X. For more on Gartleys and how to trade them, check this out: http://www.harmonictrader.com/gcontroversy.htm
Thank you for these observations, ninja. I consider your insights here very valuable.
+2 Reply
As to the harmonics, does the potential for gartley exist in the early formation of a (potential) bat, and vice verse, in every instance? I can see here that the potential still exists for either a bat pattern or gartley pattern to complete, but I'm not sure if the ratios work out wherein they always complement each other in opposing directions, like they do here.
Reply
ninjabenja PRO JamesBrown
2 years ago
damn posted the wrong chart... :p just a sec
Reply
ninjabenja PRO JamesBrown
2 years ago
No, not always. In this instance our Gartley 'A' point just happened to come on the heels of a steep sell off. That is what set us up for the bat pattern potential. The bat wants a pretty precise .50 retrace on a SH/SL to get it going. In this case it was short by .17%, but in my experience with BTC that's sufficient. If that much is satisfied, then depending on where 'C' ends up for the Bat, is what will determine the potential for a Gartley. Price could have easily gone lower on the bat 'C' point while still staying valid for that pattern, but it would have negated the possibility for a potential Gartley.

Hope that make sense :p Here's a good example of a solo Gartley:
Bullish Gartley, Bitstamp 1H chart
Reply
ninjabenja PRO ninjabenja
2 years ago
Guhhh... I wish we could edit replies. "In this instance our Gartley 'X' point..." - not A. I think i need a coffee break :p
Reply
JamesBrown PRO ninjabenja
2 years ago
Makes perfect sense. I really appreciate you taking the time to educate me on this. Thank you.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out