Long

BTCUSDT - Bullish Gartley Harmonic 31 May 2023

Updated

A recent pullback from the weekend uptrend has posed a perfect opportunity for a Bullish Gartley Harmonic pattern formation. Key levels to hold (B) 26,850. Move will be invalidated should we lose this level. Possible sell entry, 0.618 fib extension from (A) to (B) or even (C) to (B) .. C to B first for rejection.

Gartley is not a sure indicator for price targets but only a guide. See investopedia.com/terms/g/gartley.asp for more info.

Note

Given where we are and resistance above. Hard stop loss order placed below 0.618 for me. Quite easy to wake up with a 6% drop to the previous range lows, lower 25k.

Note

Where things get interesting at 27,157. We must hit 0.382 (27,232) fib pulled from 3:15am 31 May high to low. On the bounce up previous to this one were currently in, the price didnt get tapped. If we dont tap it again and specially if we drop below 27,050 before doing so, would be a huge sign of weakness to me. Then a possible descending triangle formation. Something to look out for, early weakness signals.

hmaroudas

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.