Taking a look at larger time frames, we see a potential bullish Gartley in the making for BTCUSD . I still believe we are on course for another leg down for this correction, but it very well be the final stand. This chart shows our original bearish Gartley , and it's target zone between the 1.272 and 1.618 fib extensions. Somewhere in this zone would satisfy the larger time frame bullish Gartley .

This current run down has yet to show bullish divergence on any time frame larger than 2 hours. I would wait for at least a div on the 4 hour or, better yet, daily. I mentioned it in my most recent post also, but pay attention to the date January 26th, as that is the day CME futures contracts expire. I would not be surprised if the bottom occurs +/- 1 day of this event, as the last one did with CBOE expiries on January 18th.

Keep in mind this is a longer term trade target, I am still bearish on BTCUSD in the short-term. Based on THIS CHART I would look to close shorts above $9,000. Open longs between $9,000 and $7,500 with stops below $7,000. PT, long term, being somewhere between $23,000 and $29,000 .

I will update this and past ideas as this unfolds. See the ideas linked below for more.

*THIS IS NOT TRADING ADVICE - It is imperative you do your own analysis and research, and trade on your own accord*
Trade active: Wow, just hit the gartley projected point D right on the money. I have some ideas predicting lower than this, but in the grand scheme this may be a good entry point (long).
Trade closed: target reached
Trade active: Overshot our initial target, I touch on this in other posts. The bullish targets is weeks/months away I imagine. We are currently sitting under resistance provided by the bottom of our original distribution trading range (see post on wyckoff).
Trade closed: stop reached: Previous close was on a short, this would be for the long target. Harmonic invalidated.
Nice TA. Could you do a TA on Litecoin?
Thank you.
+1 Reply
Manifested zhanmusi210
@zhanmusi210, I may get around to it. Thanks for the support!
+1 Reply
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