PHX/BTC on the way for T1 after a Bullish Gartley completion.
This is a type I reversal. T1 is my aim but depending on the agressivity of the trend, I might take profits T2.
Good trade and good luck everyone,
Hi guys !
By the end of September, PHX (Red Pulse Phoenix) pumped and reached more than 1000 sats. Since this pick, the price went back around 400 sats. Currently, there is a retracement of PHX's price with different waves after his fall and the price hit the strong support at 400 sats. This support is the 0.236 Fibonacci line too.
The chart looks like different...
It appears that wave one is nearing completion if not complete already. Based on the strength of the previous impulse wave up (Wave 1) this third wave may have alot of strength behind it as well. I have drawn my targets in a very conservative way. More aggressive traders may want to set higher targets based on price action at the time of the next impulse wave...
We got a break in the market structure here, and now we have to wait for some retracement to look for a buy.
There's a bullish breaker nested between .62 and .705 fib retracements which is a great spot for Phoenix to retrace before attempting to break new highs. This retrace would also fill that small void we left during the pump.
Some terms I used here:...