Bitcoin in potential Bullish Gartley formation targeting 4700$-4

Bitcoin in potential Bullish Gartley formation targeting 4700$-4

Hi guys,

Discovered another pattern on BTC which is harmonic in nature called BULLISH GARTLEY PATTERN. Gartley pattern is basically an ABCD pattern appearing during a bullish or bearish trend and it indicates the possibilities that the correction of the ongoing trend may be over and the initial trend may resume.

In simple words the Gartley patterns can be summarized as follows:
XA: The XA move could be any price activity on the chart. There are no specific requirements in relation to the XA price move of the Gartley chart formation.

AB: The AB move should be approximately 61.8% of the XA size. So, if the XA move is bullish , then the AB move should reverse the price action and should reach the 61.8% Fibonacci retracement of XA.

BC: The BC move should then reverse the AB move. At the same time, the BC move should finish either on the 38.2% Fibonacci level, or on the 88.6% Fibonacci level of the prior AB leg.

CD: The CD should be a reversal of the BC move. Then if BC is 38.2% of AB, then CD should respond to the 127.2% extension of BC . If BC is 88.6% of AB, then CD should be the 161.8% extension of BC .

AD: Then there is the last rule for the Gartley pattern . When the CD move is complete, you should measure the AD move. A valid Gartley on the chart will show an AD move, which takes a 78.6% retracement of the XA move.

From the above above general Gartley rules, looking at the current BTC chart we can see serious correlation that made me believe we might be onto Bullish gartely pattern.

Suggested buy zone is given inform of accumulation zone where we pick our Long trade across the drop towards the last leg D of the pattern.

Level to watch are: 3309-3421$. Spread the Long orders in between the range, I will also start the long laddering from current price as the price may tend not to drop far more in other not to miss out of the real move.

Pattern stop loss is the close below the point X.

Possible Entry and exit targets are clearly stated on the chart.

BLUE: POSSIBLE ENTRY ZONE
RED: Possible Support LEVEL
GREEN: SELL TARGETS

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Note:
It will be good to always understand risk involve in trading. Always trade with stop Loss in place.

Set up an entry/exit strategy for every trade, with good risk/reward ratio.

Published at Mon, 14 Jan 2019 11:23:11 +0000