Confirmed Bullish Gartley on the 4Hr, Possible Upward Move
Thanks to the huge amount of China FAKE NEWS as well as the Panic Selling, amatuer investors have dumped BTC causing it to drop in the upper $3k area. However amongst all of the panic selling, there is now significant buying volume now starting to occur. As noted in previous analysis, when amatuer investors panic, professional investors keep calm and rely on more data before making any rash moves, as in this case, I'm still holding my BTC and will do so long-term, as I do not see any reason to bail on this great coin as are many other professional traders.
Technicals show (which have previously escaped my analysis), a now confirmed Bullish Gartley (#1) on the 4 Hour chart, with Major Support zone ready to push an upwards move (70% Probability). My previous Elliott wave count has been invalidated, however patterns also indicate that upward moves are still imminent after break of structure has occurred before an Impulse move can be confirmed. RSI has again reached near the Oversold position with TDI showing a possible slight sharkfin with blood in the water, indicating that there is a good possibility that we should see an upward move soon. Additionally, there is a second Gartley Harmonic Pattern that is To Be Confirmed, once price action reaches the confirmation area at (Green - D @ $4,468). From there we should see several retracements before the main push up, should my Elliott Wave count and the Bullish Gartley#2 Harmonic become validated.
There is a slight possibility that price action will continue to move down to the 0.50 Fibonacci area, IF fundamentally more amateur traders sell their positions. Although BTC is not yet manipulated by the big banks, there is a slight possibility that some kind of minpulation is occuring in order to help more players enter the BTC market before more stronger moves to the upside.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
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Technicals show (which have previously escaped my analysis), a now confirmed Bullish Gartley (#1) on the 4 Hour chart, with Major Support zone ready to push an upwards move (70% Probability). My previous Elliott wave count has been invalidated, however patterns also indicate that upward moves are still imminent after break of structure has occurred before an Impulse move can be confirmed. RSI has again reached near the Oversold position with TDI showing a possible slight sharkfin with blood in the water, indicating that there is a good possibility that we should see an upward move soon. Additionally, there is a second Gartley Harmonic Pattern that is To Be Confirmed, once price action reaches the confirmation area at (Green - D @ $4,468). From there we should see several retracements before the main push up, should my Elliott Wave count and the Bullish Gartley#2 Harmonic become validated.
There is a slight possibility that price action will continue to move down to the 0.50 Fibonacci area, IF fundamentally more amateur traders sell their positions. Although BTC is not yet manipulated by the big banks, there is a slight possibility that some kind of minpulation is occuring in order to help more players enter the BTC market before more stronger moves to the upside.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
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Comment:
Bullish Gartley #1 has just been invalidated, a massive panic sell has initiated, which means the price will most likely drop to around $3k, therefore I'll be making another analysis shortly and updating from new.