[Red Apple] "short prediction using pattern "_BTC/USD_18.08.17
Updated
There's no big movement. so, in this idea, I'll introduce my short prediction simply using pattern.
Let's analysis~
A. Briefing
. Breakout of trend line on daily chart .
. prices are holding steady between 20EMA and 50EMA on 4H
. Descending Broadening Wedges
B. Pattern
There are 2 patterns inside of the Wedge.
a. Harmonic pattern\
a) Bat -> this is for SELL. completed 1st target and if there's more drop, possible to complete 2nd target.
b) Gartley -> prz of Gartley is put on trend-line(red) so, there's high possibility for reversal from the line if BTC falls down.
b. Triangle
range of price movement is getting narrow -> become triangle -> focus on breakout
c. Sum.
BTC's movement is getting weak maybe because the distance between 20EMA and 50EMA becomes closer. soon, there will be big movement, soon.
C. Strategy
Bullish View : if breakout of Wedge upward, the target will be $7000~$7100.
Bearish View : in short-term, there's high possibility for reversal from gartley prz. if drops lower, i will give comment with new strategy.
-> Volume is getting lower and lower. it means there will be big movement soon. Don't be panic just follow your Strategy or Rule.
Trade Safely~~
If you think my idea is helpful for you, Click '+Thumb up, +Follow'
Also, if found something special, i will comment in real time.
Let's analysis~
A. Briefing
. Breakout of trend line on daily chart .
. prices are holding steady between 20EMA and 50EMA on 4H
. Descending Broadening Wedges
B. Pattern
There are 2 patterns inside of the Wedge.
a. Harmonic pattern\
a) Bat -> this is for SELL. completed 1st target and if there's more drop, possible to complete 2nd target.
b) Gartley -> prz of Gartley is put on trend-line(red) so, there's high possibility for reversal from the line if BTC falls down.
b. Triangle
range of price movement is getting narrow -> become triangle -> focus on breakout
c. Sum.
BTC's movement is getting weak maybe because the distance between 20EMA and 50EMA becomes closer. soon, there will be big movement, soon.
C. Strategy
Bullish View : if breakout of Wedge upward, the target will be $7000~$7100.
Bearish View : in short-term, there's high possibility for reversal from gartley prz. if drops lower, i will give comment with new strategy.
-> Volume is getting lower and lower. it means there will be big movement soon. Don't be panic just follow your Strategy or Rule.
Trade Safely~~
If you think my idea is helpful for you, Click '+Thumb up, +Follow'
Also, if found something special, i will comment in real time.
Note
modified triangle pattern because i think the level over $6600 is over shooting. then, i guess above pattern is more reliable. Actually, it is almost same as upper side of Wedge.
Note
At the moment, there's breakout of the Wedge. However, the strength of penetration is a bit weak i guess.
Check closed price on 4H.
Note
Supported from upper side. it is BUY signal. Set your stop-loss
Note
bought BTC when it retrace again. if it falls down again and touch stop-loss line, then possible to buy from prz of Gartley.
Note
it's re-entering into the pattern again. but 20EMA is heading up. it means support line (20EMA) becomes getting higher. hope it can support the price.
Let see more until stop-loss.
if it falls down to stop-loss, it can be formed double top in short-term.
Note
BTC is supported from upper-side. If you bought it, keep your stop-loss.
Gartley pattern is modified again due to renewal of the high point of right wing. if the price is going over $6600, the pattern becomes less reliabile.
This is the end of my idea and comment.
Thanks
if you think you got help from my idea and comment, click +Agree, +Follow.
Note
Short comment Instead of new idea.
Pattern
1. Inverse Head and shoulders -> retest neck-line
2. Descending Broadening Wedge -> retest upper side
3. Triangle -> retest upper side
4. AB=CD -> important thing is penetration of B($6647.6~6648.8) and then there's possibility falls down from D(about $7000)
If you bought BTC like me, you can take profits from previous high level.
Set your strategy with my idea.
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