I couldn't for the life of me figure out what was going on with BTC over these last few days, but there was something very familiar with the way it's been creeping along..
Then after a comment on my previous idea from @ychangsinata it hit me.
Duh.
(Possible) BEARISH GARTLEY nearing confirmation here on the 4hr.
Fibs are almost TOO perfect -keep in mind, ratios of time are ALWAYS RANGES and never exact numbers.
TWO possible BEARISH HARMONIC scenarios:
BEARISH SCENARIO #1:
BEARISH GARTLEY: PA is rejected at current levels and begins to head towards bearish targets:
T1: $32.4K - $30.6K
T2: $24.8K (which happens to be the AVWAP from the beginning of the parabola)
After correcting -I would assume BTC will resume its uptrend without delay.
BEARISH SCENARIO #2:
BEARISH BAT: PA breaks across the overhead resistance of $38.9K and heads up to grab a new ATH in the range of $43.8 - $49.2K, then heads to the same price targets.
(XA is likely the same for both HARMONIC PATTERNS, however in the interest of a visual reference, I moved X for SCENARIO #2)
Of course -further confluence is always necessary as well as confirmation PA is remaining within the boundaries of the pattern.... and of course could be INVALIDATED at any moment -it is bitcoin after all.
What do you all see? Are you bearish? Bullish?
- BitCapJNY
3CandleCollective
Then after a comment on my previous idea from @ychangsinata it hit me.
Duh.
(Possible) BEARISH GARTLEY nearing confirmation here on the 4hr.
Fibs are almost TOO perfect -keep in mind, ratios of time are ALWAYS RANGES and never exact numbers.
TWO possible BEARISH HARMONIC scenarios:
BEARISH SCENARIO #1:
BEARISH GARTLEY: PA is rejected at current levels and begins to head towards bearish targets:
T1: $32.4K - $30.6K
T2: $24.8K (which happens to be the AVWAP from the beginning of the parabola)
After correcting -I would assume BTC will resume its uptrend without delay.
BEARISH SCENARIO #2:
BEARISH BAT: PA breaks across the overhead resistance of $38.9K and heads up to grab a new ATH in the range of $43.8 - $49.2K, then heads to the same price targets.
(XA is likely the same for both HARMONIC PATTERNS, however in the interest of a visual reference, I moved X for SCENARIO #2)
Of course -further confluence is always necessary as well as confirmation PA is remaining within the boundaries of the pattern.... and of course could be INVALIDATED at any moment -it is bitcoin after all.
What do you all see? Are you bearish? Bullish?
- BitCapJNY
3CandleCollective