As price rises back to previous ATH, this zone will without a doubt act as strong resistance and create an opportunity for a short term short position.
Price is currently printing a Bearish Gartley reversal pattern, which is also a W pattern. Normally I use the 38/61% levels at Take Profits depending on how I plot the fib, however, seeing that BTC has picked up momentum and is seemingly back on the uptrend, it would be wise to use the 23% as an early profit taking zone.
As always, I will look for reasons not to enter:
1. Bullish Momentum
2. Price has not directly hit the zone.
3. Price can break through the zone and find support, thus creating another pattern.
4. May not be wise shorting BTC right now, enjoy the ride.
Previous Analyses linked and last two in the comment section.
Let me hear your thoughts!
Price is currently printing a Bearish Gartley reversal pattern, which is also a W pattern. Normally I use the 38/61% levels at Take Profits depending on how I plot the fib, however, seeing that BTC has picked up momentum and is seemingly back on the uptrend, it would be wise to use the 23% as an early profit taking zone.
As always, I will look for reasons not to enter:
1. Bullish Momentum
2. Price has not directly hit the zone.
3. Price can break through the zone and find support, thus creating another pattern.
4. May not be wise shorting BTC right now, enjoy the ride.
Previous Analyses linked and last two in the comment section.
Let me hear your thoughts!
Comment:
Update:
Price found resistance at the ATH and pulled back to the 23% area. I was looking for a pull back to 38% however there was just too much bullish momentum and I wasn't convinced enough to take a short or long trade.
Price found resistance at the ATH and pulled back to the 23% area. I was looking for a pull back to 38% however there was just too much bullish momentum and I wasn't convinced enough to take a short or long trade.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
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