ninjabenja
Short

Weak Gartely Pattern inturuption, Stamp 60m chart

BITSTAMP:BTCUSD   Bitcoin / Dollar
110 2 1
Thanks to this Gartley pattern our previous Bat Pattern has so far failed to complete. I say that this Gartley is "weak" because sticking to a strict definition, this patter failed to attain the precise .618 B point retracement of XA, only reaching .612. (I personally call this close enough for the pattern to be valid but you'll have to make your own judgement.) We also witnessed a break above/close above of price action relative to the trend channel, flipping the resistance to support... but this completed Gartley is a good indicator that there won't be much more upward mobility from the bulls beyond this last push in the short term. That having been said, I am watching for a near term reversal to around the 620 range and watching for indications that our Bat will still complete. I'm still short (from 641 now) and I've not adjusted my buy entries located near the D leg completion of the Bat pattern , nor will I move them until we see prices close above 670.

If you have input on the charts I'm publishing, dissenting opinions or agreements- please post them along with your specific reasons why. Thanks!
Bitcoin_Altcoin
2 years ago
Good stuff. I was trying to learn Gartley for a little while. I'm glad it's being used on Bitcoin.
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ninjabenja PRO Bitcoin_Altcoin
2 years ago
There are a number of great sites out there which offer education on pattern requirements: http://www.fx360.com/techAnalysis/chartPatterns/bearish/gartley-pattern.aspx is a good one.
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