I will be looking if this pattern will materialize in BTC.
I will be looking to monitor BTC activity around 7800 cypher reversal zone which align with .382 resistance -dark red- of the last 4-hr swing from 8700 and the broken .618 -blue- (7765) support from the previous daily low to the previous high
SL: above 7950
T1: 7600
T2: 7465
I will be looking to monitor BTC activity around 7800 cypher reversal zone which align with .382 resistance -dark red- of the last 4-hr swing from 8700 and the broken .618 -blue- (7765) support from the previous daily low to the previous high
SL: above 7950
T1: 7600
T2: 7465
Comment:
Here is the correct link for the gartley pattern
Order cancelled:
Pattern invalidated and price is dropping without meaningful retracment
Twitter: twitter.com/ZsilenceCrypto
However, I am still looking to short the market for a bigger drop (probably testing the previous low - later about the bigger picture in a different post). I can see couple of patterns might be in the form. There is a gartley in the forming (yet again): www.tradingview.com/chart/P9NYV1Qo/
So here is my trading planning for now:
I will look for the market behavior around 7770, ideally I am looking for a quick rejection to this area. If it materialize, then I will short with a stop above 7950. If the market shows a clear thrust to the upside, then I will wait and I will short at the area between 7930 and 8000 with a stop above 8320 (for conservative traders).
In summary, the market looks very heavy without a meaningful bounce so far. According to Bitfinix data, longs are reducing their position around the low(in loss), that might indicate that market makers will lure the longs into a bounce leading to a bull trap.