RagingRocketBull
Short

Another Day - Another Bearish Gartley on Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We need to cross 11250 to confirm the start of wave 5 of an up trend but Bears are seriously pushing back. We will need a pump with high volume to breach this level.

For now, we are still correcting in wave 4 and we have some sort of a flat ABC wave structure. The correction is not complete yet - expect another leg down to C, wave C = 100% of wave A

And we're in an up channel that is sort of a bear flag . Another reason to go short.

Another 0.618 Bearish Gartley predicts a down move to at least 0.618 of CD (10575) (B breached, D triggered -> move to C is anticipated)

We are also oversold on RSI M15 and there's a bearish divergence on RSI M5 all predicting a possible move down.

Good Luck!

Please don't trade based only on my analysis. This is not a financial advice, I'm not responsible for possible losses.
Pierced 11400, probably flag from here while shorts decide if they want to cover or not
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RagingRocketBull whoisthelorax
@whoisthelorax, this Gartley setup didn't work and I'll explain why in the next post
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