BTC bull gartley completion on the 4H
Updated
HTF: 1D
We could be forming a potential falling wedge formation on the daily, 2 touches on the bottom trend line and the bullish gartley on the LTF 4H could be the leg up to complete the second touch of the top trend line on the daily.
Reason for entry: Bullish gartley completion on the 4H
Entry: $3915
Stop loss: $3595 (BTC could head down to form a channel instead of wedge)
Target 1: 38.6 fib of A-D ($4082)
Target 2: 61.9 fib of A-D ($4238)
Target 3 Top of the falling wedge trend line ($4480)
We could be forming a potential falling wedge formation on the daily, 2 touches on the bottom trend line and the bullish gartley on the LTF 4H could be the leg up to complete the second touch of the top trend line on the daily.
Reason for entry: Bullish gartley completion on the 4H
Entry: $3915
Stop loss: $3595 (BTC could head down to form a channel instead of wedge)
Target 1: 38.6 fib of A-D ($4082)
Target 2: 61.9 fib of A-D ($4238)
Target 3 Top of the falling wedge trend line ($4480)
Note
If entry was at the 1.272 fib ext of A-B ($3835), it would be a 1:1 risk reward.Current entry is not ideal but let's see what happens.
Trade active
Latest candle created a new low watermark for the D leg.
Targets are moved slightly due to that.
Target 1 has been hit
Stop loss moved to breakeven so this is a risk free trade now.
Sold 50%
Target 2 is now $4222
Trade closed: stop reached
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