Short term this is a bearish analysis, long term, I'm rather bullish on Bitcoin BTC from the the $9,500 region but it may be a while before we get there.
So far we've completed the first and 2nd wave of what appears to be a bearish gartley forming, ending in the low $13,000 region. This would put a target down to the $9,500 region.
My gartley is invalid if we do not go down the $10,800 region and bounce from there.
Extreme short term I believe we have a bear flag getting ready to take us down to the first target of $10,800.
Good luck out there everyone!
So far we've completed the first and 2nd wave of what appears to be a bearish gartley forming, ending in the low $13,000 region. This would put a target down to the $9,500 region.
My gartley is invalid if we do not go down the $10,800 region and bounce from there.
Extreme short term I believe we have a bear flag getting ready to take us down to the first target of $10,800.
Good luck out there everyone!
Note
Just a quick addition that this analysis would also fit an ABCDE correction.
Note
Bear flag has played out, took a little longer (I don't really chart for timing, no good at it). Not quite tagged 10,800, current low about 10,964, we'll see if it can push that little bit lower or gartley could be something else...
Note
Target hit (close enough)
Bullish Bat Harmonic formed inside bearish, gartley. Could take us slightly beyond target (green box)
Note
Called the BAT a Gartley too in the graphic, whoops! Bats and Gartleys on the brain.Note
OK, daily, weekly, monthly close etc. None look bullish but short term, we went a bit lower and actually made our harmonic patterns fit better to my original idea. Do we rally from here? Let's see!
Trade closed: target reached
Downside target reached, count was wrong. Updated idea here:
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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.