Art_of_Trading
Short

Gartley Pattern Says Sell BITCOIN?!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As it was indicated in my previous BTC analysis, the price went up and then formed a shooting star candlestick , which is a reversal bar. There is a structure level at 10127, which acts as resistance level . However, it seems the price already started to go down, as the sellers momentum already there. Moreover, the BTC formed a Gartley pattern that reached a reversal 127% Fibonacci extension . From this analysis, it is expected that the BTC price will go down and Gartley pattern provides the levels for entry and exit.
T1 - 38.2%
T2 - 61.8%

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Comment: T1 was hit - strong bearish bar
Comment: T2 was hit too
perfect whats next bro?
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@DoubleF, According to my trading plan, there is no the high probability setup to open any position at this moment. I will wait the next market moves and if there will be any opportunity, then will post it.
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Thank you heaps for this Analysis. I have already benefitted from your insight It's interesting that we touched $9000 at T2 in only 4 hours after your post.

Would you expect a bounce, sideways movement or a sideways movement as being most likely scenario?
Reply
@Acwood, The price is not close to any major structure level. I will wait the market to make its moves and then analyze the BTC price action.
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Acwood Art_of_Trading
@Art_of_Trading, yep yep
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