Harmonic Fibonacci Map (Risk Management) From the visual appearance of this harmonic pattern, it most closely resembles a Gartley pattern due to the following key characteristics:
1. **AB Retracement of XA:**
- In a Gartley pattern, the AB leg usually retraces about 61.8% of the XA leg. My AB leg seems to align with this.
2. **BC Extension:**
- The BC leg in a Gartley often extends between 38.2% and 88.6% of AB. My chart appears to fit this range.
3. **CD Projection:**
- The CD leg typically ends around 78.6% of the XA retracement in a Gartley. Based on the harmonic completion zone, this seems plausible.
Why not a Bat or Crab?
- **Bat Pattern:** The Bat requires a deeper retracement of the XA leg (88.6%) for Point D, which my pattern does not seem to meet.
- **Crab Pattern:** The Crab involves an extended CD leg, usually reaching 161.8% of XA or beyond. My CD leg looks more moderate, aligning better with the Gartley.
This is the drop so far, and its outcome depends on how high Bitcoin moves next. Minor corrections could improve the price, and don’t overlook the significance of BTC.D. This idea shouldn’t be ignored.
It’s tailored for short-term traders—take it as an opportunity, not for granted. Use it to compare with your own analysis; you might uncover insights aligned with what I’ve already warned is likely to happen. Any professional trader understands that Bitcoin is due for a correction after such an unnatural spike and I'm not a professional trader, it's what I've learned and applied to myself.
Currently, retail traders are caught up in the hype. We need to wait for this hype-driven bait to subside. In the meantime, we'll observe how altcoins respond.
