Waiting on a Full Moon! Bitcoin Reversal or Continuation?
Updated
For me, this is a critical area for Bitcoin. If we fall below about $32,000, then I would say this is not a Gartley and likely a Crab. That means more downside action, and potentially drastic downside action. I'll be looking for some confirmation either way in the short term.
If we pivot then my first target is the C point of the Gartley and my second would be the A point.
If we continue downward and it plays out as a Crab, then the D could be anywhere from about $26,000 to $23,000.
Of course we could range if we look for D (or another dump!) in the blue 1.272 and green .786 area.
Here is the 1hr chart.
Check out the 1.618 and 2.618 confluence of the XA and AB Fibs. This would be a potentially great place for a long if we go that deep!
My whiskers are telling me we are headed down some more. Here is what the crab might look like.
Owhooooo!
If we pivot then my first target is the C point of the Gartley and my second would be the A point.
If we continue downward and it plays out as a Crab, then the D could be anywhere from about $26,000 to $23,000.
Of course we could range if we look for D (or another dump!) in the blue 1.272 and green .786 area.
Here is the 1hr chart.
Check out the 1.618 and 2.618 confluence of the XA and AB Fibs. This would be a potentially great place for a long if we go that deep!
My whiskers are telling me we are headed down some more. Here is what the crab might look like.
Owhooooo!
Note
Here is a daily chart...check out the .5 Fib on this one! Owhooooo!Note
Maybe something like this...
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