BTC/USD potential Bearish Gartley $btc #cryptocurrency
Potential Bearish Gartley scenario that we are currently in for BTC/USD on Bitfinex. We still have a local target set around $9530~ USD level for this current uptrend.
The level would see heavy resistance as BTC tries to make a double-top at the previous 9700-9800~ range.
If Bearish Gartley pattern does play out, local high of BTC would become Short Entry (D of Gartley), with a stop loss at the previous high on the X of the Gartley (Previous High).
Target Profit zones would be initially in the .786-.618 retracement (short percentage). Most of the position would be held if BTC makes a move towards the inverse 1.272 extension (of our A to D Fib Retracement on the Gartley)
The level would see heavy resistance as BTC tries to make a double-top at the previous 9700-9800~ range.
If Bearish Gartley pattern does play out, local high of BTC would become Short Entry (D of Gartley), with a stop loss at the previous high on the X of the Gartley (Previous High).
Target Profit zones would be initially in the .786-.618 retracement (short percentage). Most of the position would be held if BTC makes a move towards the inverse 1.272 extension (of our A to D Fib Retracement on the Gartley)
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Forgot to add, 1.272 bounce usually takes the move back towards the .786 (Rejection of the A>C support level) before being rejected one last time to find our bottom of the move near the 1.618 inverse extension where I would look to Close Position.
