After moving down to reach the targets given on the previous chart(shown below) :
The price of BTCUSD on the 4hours time frame, has formed a pattern callled THE BULLISH GARTLEY CHART PATTERN.
The price has hit the B leg, which is always the first target when trading this gartley chart pattern. The following listed below are the steps to follow when trading this pattern:
XA - Price rises from X (see figure on the right, not drawn to scale) to peak at A. This is typically a large upward move to accommodate the retraces that follow.
AB - Price retraces from the peak A to valley B about 61.8% of the XA move.
BC - After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
CD - The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
NOTE: If price drops below X on the way to finding D, then the pattern should be ignored.
More to this is the BULLISH DIV spotted on the 4hours time frame and the daily time frame.
A near resistance at $8195.5 would likely hold price down a bit before making a new breakout. Targets are $8104 up to $8504
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
The price has hit the B leg, which is always the first target when trading this gartley chart pattern. The following listed below are the steps to follow when trading this pattern:
XA - Price rises from X (see figure on the right, not drawn to scale) to peak at A. This is typically a large upward move to accommodate the retraces that follow.
AB - Price retraces from the peak A to valley B about 61.8% of the XA move.
BC - After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
CD - The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
NOTE: If price drops below X on the way to finding D, then the pattern should be ignored.
More to this is the BULLISH DIV spotted on the 4hours time frame and the daily time frame.
A near resistance at $8195.5 would likely hold price down a bit before making a new breakout. Targets are $8104 up to $8504
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.