Batten down the hatches, bitcoin could be taking on water

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.
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:


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