Price right at the support level. New weekly candle stick is about to open the old one is about to close, make still remain indecisive about its potential move as the dominance is showing a sign of drop to test the previous support with a reversal candle stick formation called the tweezer top. charts.cointrad...pro/charts.html?coin=BITCO...
On the three hours time frame, the price chart of BTCUSD has formed a pattern called the bullish gartley pattern.
The pattern resembles an M/W shape on the chart, depending on whether it is a bullish or a bearish Gartley. As such, the pattern consists of five points on the chart. These points are marked with X, A, B, C, and D. This is how a Gartley harmonic pattern appears as shown on the chart.
Since the pattern is a member of the Harmonic family, each swing should conform to specific Fibonacci levels. We will now go through each component of the Gartley structure:
XA: The XA move could be any price activity on the chart. There are no specific requirements in relation to the XA price move of the Gartley chart formation.
AB: The AB move should be approximately 61.8% of the XA size. So, if the XA move is bullish, then the AB move should reverse the price action and should reach the 61.8% Fibonacci retracement of XA.
BC: The BC move should then reverse the AB move. At the same time, the BC move should finish either on the 38.2% Fibonacci level, or on the 88.6% Fibonacci level of the prior AB leg.
CD: The CD should be a reversal of the BC move. Then if BC is 38.2% of AB, then CD should respond to the 127.2% extension of BC. If BC is 88.6% of AB, then CD should be the 161.8% extension of BC.
AD: Then there is the last rule for the Gartley pattern. When the CD move is complete, you should measure the AD move. A valid Gartley on the chart will show an AD move, which takes a 78.6% retracement of the XA move. Target for the down move should be around 10989usd and a move back up should be back to first first target at $11472.7 up to $11679.8.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the three hours time frame, the price chart of BTCUSD has formed a pattern called the bullish gartley pattern.
The pattern resembles an M/W shape on the chart, depending on whether it is a bullish or a bearish Gartley. As such, the pattern consists of five points on the chart. These points are marked with X, A, B, C, and D. This is how a Gartley harmonic pattern appears as shown on the chart.
Since the pattern is a member of the Harmonic family, each swing should conform to specific Fibonacci levels. We will now go through each component of the Gartley structure:
XA: The XA move could be any price activity on the chart. There are no specific requirements in relation to the XA price move of the Gartley chart formation.
AB: The AB move should be approximately 61.8% of the XA size. So, if the XA move is bullish, then the AB move should reverse the price action and should reach the 61.8% Fibonacci retracement of XA.
BC: The BC move should then reverse the AB move. At the same time, the BC move should finish either on the 38.2% Fibonacci level, or on the 88.6% Fibonacci level of the prior AB leg.
CD: The CD should be a reversal of the BC move. Then if BC is 38.2% of AB, then CD should respond to the 127.2% extension of BC. If BC is 88.6% of AB, then CD should be the 161.8% extension of BC.
AD: Then there is the last rule for the Gartley pattern. When the CD move is complete, you should measure the AD move. A valid Gartley on the chart will show an AD move, which takes a 78.6% retracement of the XA move. Target for the down move should be around 10989usd and a move back up should be back to first first target at $11472.7 up to $11679.8.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.