So most traders that have spent any amount of time trading know about Gartley patterns. Several shapes and sizes exist, but in theory they all belong to either a bearish or bullish category.
Now... Assuming that we expect a bullish and strong future for Bitcoin, according to this chart here, no matter how we swing the price we are going to go BELOW 3.3k because 3.3k was point B for the Bullish Gartley, and point A for the Bearish Gartley.
SO... We know those two points for a sure fact.
We also should be fairly confident that 14k was the C point of the bullish pattern and point B for the bearish...
NOW - here is the tricky part.
IF we correct at/near the 0.618 from the 14k high (which is roughly 7200, +- a couple of hundred since price doesn't always perfectly follow the exact fib lines), this means that we will be in a BEARISH Gartley which has point D at roughly 16k. We fall, and fall hard from there in order for us to complete the Bullish Gartley, which is REQUIRED to be below 3.3k because it was point B of the Bullish Gartley.
A pattern within a pattern.
Not gonna lie. Slightly concerned about the fact that if we correct up here soon, we will be in a VERY extended true correction because even if we go up past 14k, we will sink back below 3.3k. If we don't correct soon and the bearish Gartley doesn't materialize, it means we are going below 3.3k (according to Gartley patterns).
Something to think about.
The only way we can go up is to go down.
Welcome to bitcoin.
Now... Assuming that we expect a bullish and strong future for Bitcoin, according to this chart here, no matter how we swing the price we are going to go BELOW 3.3k because 3.3k was point B for the Bullish Gartley, and point A for the Bearish Gartley.
SO... We know those two points for a sure fact.
We also should be fairly confident that 14k was the C point of the bullish pattern and point B for the bearish...
NOW - here is the tricky part.
IF we correct at/near the 0.618 from the 14k high (which is roughly 7200, +- a couple of hundred since price doesn't always perfectly follow the exact fib lines), this means that we will be in a BEARISH Gartley which has point D at roughly 16k. We fall, and fall hard from there in order for us to complete the Bullish Gartley, which is REQUIRED to be below 3.3k because it was point B of the Bullish Gartley.
A pattern within a pattern.
Not gonna lie. Slightly concerned about the fact that if we correct up here soon, we will be in a VERY extended true correction because even if we go up past 14k, we will sink back below 3.3k. If we don't correct soon and the bearish Gartley doesn't materialize, it means we are going below 3.3k (according to Gartley patterns).
Something to think about.
The only way we can go up is to go down.
Welcome to bitcoin.