In my earlier post this week on a potential bearish Gartley , I got the count wrong but my downside target was hit and to my surprise quite well timed - see below:
I've recounted so hopefully this time it works but I've also extended my analysis to see if I can pick out some more timing points using extra Fibonacci tools.
I love Fibonacci but don't experiment enough with Fib Channels & Fib time, so I've measured the current swing and plotted 3 potential paths we could take finding areas of confluence across all 3 Fib tools. This analysis is neutral but I have put 3 potential longs I'd be willing to take on Bitcoin over the next couple of weeks.
There is also one point of failure I've plotted if we fail to make new highs in the coming weeks (in which case I expect more recovery time is needed before the market continues up)
Let's see how it plays out!
I've recounted so hopefully this time it works but I've also extended my analysis to see if I can pick out some more timing points using extra Fibonacci tools.
I love Fibonacci but don't experiment enough with Fib Channels & Fib time, so I've measured the current swing and plotted 3 potential paths we could take finding areas of confluence across all 3 Fib tools. This analysis is neutral but I have put 3 potential longs I'd be willing to take on Bitcoin over the next couple of weeks.
There is also one point of failure I've plotted if we fail to make new highs in the coming weeks (in which case I expect more recovery time is needed before the market continues up)
Let's see how it plays out!
Note
Quick update: I have lowered wave 4, although the fib confluence with time and the channel wouldn't fit, it's not often I don't see a 0.886 reversal return to the 0.5 level. Fibs also marked blue nowNote
But it would line up here actually...Note
Upside target hit (eventually). Timing targets still isn't my thing it seems.Pull back is playing out differently - updated idea here:
Note
ABCDE (above) did not play out, original idea seems to be working so far. Top target hit 13387 (close enough) and top of buy target zone hit (1.13 fib at 9102), long from 9200. Up we go hopefully!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.