Greetings traders. Today I will explaining to you about one of the Harmonic patterns known as "Gartley Pattern". It has 2 key rules which are:
B must retrace 0.618 from point X.
The retracement of D must me 0.786 of XA.
In all of my previous analysis ever since we were in impulse waves of our recent bull run, I have been pointing on the 37-39k levels being the major levels which must be visited by Bitcoin. The Converging Diagonal Wave theory, New fib levels and Recent Bitcoin movements and many other factors have strengthened my 37-39k range. It BTC fails to respect this range, it would be very unhealthy for the market.
Now the bigger questions arises that what comes after 38k ? Are we gonna crash downward and go into a Bear Cycle or are we gonna go into another major bull run. In order to predict the next possible movements of Bitcoin, Gartley pattern is one of the Harmonic patterns whose possibility should be considered. This pattern shows the bounce from 38k region up to the range between 0.382 - 0.886. I am expecting the bounce as much as 45.5k - 47.3k. If we follow this pattern, we will be seeing another downward movement till 34k - 34.2k. If Bitcoin manages to stay on this track, I will be expecting a Mega Bull Run. Otherwise if it fails to hold 38k, there are a lot of chances that we will be followed by a crash.
Order cancelled
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The bounce from 39.6k invalidated the Pattern thus the trade was cancelled as it did not complete the retracement of 0.618
As I can see in the free version of Trading view we can put only 3 or 5 indicators. In this case what would be the good indicators to follow? In my knowledge RSI, MA and EMD are the ones I know. But what would be its settings, can you tell this please?
syedhamza2135
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@alymutahir, I personally only rely upon Price action and RSI while keeping an eye on Moving averages. If you are a sophomore, MACD, EMAs / MAs, RSI are the best indicators
alymutahir
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@syedhamza2135, is it possible if I can know the values of EMA, MA? Like what values to add?