Finally had the break above 1.1500. Will price continue upwards?
If price pushes lower ill be using an aggressive pattern entry through the bat with targets at the newly formed high
Ive also marked quite a large resistance zone, previous support. if price shows me a good reversal signal here i will also look for targets at the new high
I've been watching bitcoin for a some time and have been patiently waiting to start building a position. My reasons for starting to acquire have nothing to do with trading this but for a long term play 10-20 years
However i want a clear reversal on the higher time frames before investing any money.
$3000 support zone has been an area i have been waiting to see ...
On the 1 minute chart which i dont normally trade.
We have a cypher and gartley lining up nicely at the same potential reversal zone for a long trade (blue and red ) or a gartley lining up in the top for a short trade (green)
We have the market bracketed so just need to watch price action when it approaches either of our potential reversal zones.
The reason i have stated a strong bearish gartley is the conflunce of the 0.786 retracement, 1.272 extension and the inverted 1.272 extension. This is formed a nice tight potential reversal zone which again has tight confluence with a completed AB=CD pattern
I have removed the XABCD and fibs for a clearer chart.
I would set stops above structure high on the ...
As you see from my last post on usd/jpy the price tested every line we had marked in the PRZ (potential reversal zone) of our gartley pattern and then went down hitting our target 1 and target 2. This has led us nicely into a potential bat pattern. The C leg retracement of A to B is slightly deeper than i would of liked as generally i would consider 0.886 as a ...
There is a possible harmonic Gartley pattern forming. The multi coloured lines i have identified are a possible (PRZ) potential reversal zone.
The pink line is a 1.272 fib extension of the A to B leg. This lines up nicely with the completion of the AB=CD completion represented by the blue arrows. The green line is a 1.272 inverted fib extension of the C to B leg. ...
0.618 RET OF XA LEG, C, 0.786 RET OF AB LEG.
PROJECTED AB=CD HARMONIC MOVE, PREVIOUS STRUCTURE BELOW (X) ON CHART LINES UP NICELY WITH A 1.272 EXT OF BC AND 0.786 RET OF XA
POSSIBLE TARGETS 1 & 2 WITH A POSSIBLE RISK/REWARD (ILLUSTRATIVE PURPOSES AS MAY CHANGE)