Had to do a bit of research on this one.
I could tell this wasn't a Gartley pattern by the lack of length on the left leg (X-A).
But it -is- a Bearish cypher.
The retracement levels beyond 1 have been adjusted beyond to measure the amount beyond 1 the 2nd leg matches the retracement from XA.
It's within the median of the requirements exactly... and the rest of...
So after hitting the target for the Bearish Gartley earlier this week… we fell into this bear flag channel for a few days. We broke out earlier after completing another…. Bearish Gartley.
Geez. It’s like charting Inception lately. Patterns within patterns.
So let’s keep this simple.
That Red moving average is the 271 EMA on the daily (Fibonacci number). Very...
Well we were right about the drop today. But it stopped as part of a channel that looks pretty bad.
That's a bear flag.
I was really hoping for some bullish action, and still am. But I just scaled in, and my stops are tight. And it looks like... odds are I'll be stopped out.
Going lower... I hope we only go as low as 7.2k
Anything below that (even though I've...
Another Bearish Gartley formed from the drop of the one earlier this week.
This one is on the 4h and from a bearish drop, so we know it's legit. Unlike the last one in a tiny time frame, outside of swing patterns.
Double top on RSI with lower price. Volume shows divergence from price raise.
Projected price target - 7400-7500.
All feedback is...
I'm not sure if this pattern works in such a small time frame.
But the retracement is perfect.
.618 on the midpoint from the initial drop...
.786 on the end point from the drop.
... so if this usage is correct.... we're going down.
But like I said. Very small time frame.
So let's see.
Doesn't look good.
Volume oscillator shows bearish divergence.
MACD shows bearish divergence.
RSI double top with lower price value.
Volume is drying up over this move overall.
AND it's about $100 under a fib level.
I'm going with a drop.
Let's see where this goes.
Based on the bear break continuation from this ascending channel,
the projected price movement is to 6856-ish. This would bring the 1D to the oversold on the RSI. Previously seen on Sept 14th and Feb 5th crashes.
Remember that we have fibs at the 7600 and 7200 level. We bounced off the 7600 last night. The same level as our 2nd lowest daily candle close this...
I drew this line about a week ago. I was blown away to see that it upheld when I just loaded the chart.
Very bullish on LTC.
Looks like the hype and the constant development & news is working out well.
Things like mainstream atomic swap wallets, atomic swaps on lightning network, schnorr signatures, and privacy features... have still YET to be implemented from...
Based on Price movement prior to entering the channel, and movement after breaking from the channel.
The price range in the blue box also happens to be around the 225 day MA.
If we can't hold that, more support is at 8200.
2 Triangle breakouts in a row retracing. Hmmm.
I suspected that it was an ascending channel, and it seems to be so.
2 confirmations on the trend line for each of these points on the channel thus far.
Expecting the drop to be to 8900ish. By the .618 Fib, and the bottom of the channel.
Remember - TA is magical shapes and patterns. Only people move...
A symmetrical triangle... but confirming a continuation on which trend?
Yesterday I posted about the Bearish Gartley. But this symmetrical triangle formed right after could be confirming either the downtrend since December... or the steeper uptrend since last Spring.
Hard to say. Intuitively I would imagine it would take a much large symmetrical triangle to...
I noticed this last night, but... since we're in limbo right now, I figured it would be a good pattern to point out.
Point B retraced perfectly to the .618 fib level from the X-A move.
Point D retraced .786 from the XA move.
By all sound principles, this is a Bearish Gartley. And we should be on the way further down.
Remember, patterns are not laws. Anything...
The instability with Bitcoin coupled with a major sell-off, has put ELF below the .786 fib, looking to break resistance.
It has found strong support from previous resistance before the bull rush in Jan, which retraced 100%.
USD value (.71) close to All time Low (.68),
Bullish divergence on the 4hr RSI.
I don't imagine a strong project like this, especially a...