Bitcoin has had a nice run down from it's previous high just below 5000$. Honestly it was due for some relief, nothing can keep going straight up.
Going back to my roots, I discovered a bullish Gartley pattern that is now complete right at the level where we previously saw a huge rally start off. At this same price level we see a Fibonacci cluster which could indicate that this level is quite important. Bitcoin could drop more, but my guess is that we'll at least see some retracement back up here. Traditional targets would be the 32.8 and 61.8 fibonacci retracement levels of the A-D move.
Comment
⋅
While BTCUSD formed a bullish gartley pattern, BTCEUR formed a bullish bat pattern which also completed. Let's keep our fingers crossed.
Well i disagree. we are at the end of BTC cycle so we must go back to main trendline.
Nico.Muselle
⋅
@MiloszKaszynski, you are absolutely fully entitled to your own opinion. Thank you for your reaction !
JasonTys
⋅
BTC price has fallen off the chart! LOL!
Nico.Muselle
⋅
@YuehSernTham, Indeed, so you can buy it even cheaper now ! :)
Phash
⋅
at which point would you recommend to get in again?
Nico.Muselle
⋅
@Phash, the Gartley completed around 3740, so that's the area I would look at to go long. Currently we're already back above that, but we might see a re-test of that level.