BEARISH PRESSURE ON BTC to 56,282.5 price
Updated
Good afternoon traders,
Trust you are doing great.
Please find below my outlook on this cryptocurrency, BTCUSD.
Type: Emerging Bullish Gartley
Completion Point (D):
Projected at approximately 56,282.5
Consider short positions as the pattern approaches this level.
Potential Reversal Zone (PRZ):
Range: 56,282.50 to 56,036.69
I expect to close short trades within this zone, anticipating a bullish reversal.
Target Levels:
These are my potential targets
T1: 57,487
T2: 56,935
T3: 56,282.50
These are key Fibonacci levels for exiting trades as the price moves downwards.
Entry Criteria:
Though the trade is currently in play, as such this is a late analysis. But here was my thought line before the trade was triggered. I allowed the 60,298 price to be broken just to allow the market to show bearish commitment before entering short trades.
Stop loss:
The trade will be invalidate if price goes above leg A. However, because the trade is aggressively towards the D leg, 61,355 would be a decent SL position.
Cheers and happy trading!
Trust you are doing great.
Please find below my outlook on this cryptocurrency, BTCUSD.
Type: Emerging Bullish Gartley
Completion Point (D):
Projected at approximately 56,282.5
Consider short positions as the pattern approaches this level.
Potential Reversal Zone (PRZ):
Range: 56,282.50 to 56,036.69
I expect to close short trades within this zone, anticipating a bullish reversal.
Target Levels:
These are my potential targets
T1: 57,487
T2: 56,935
T3: 56,282.50
These are key Fibonacci levels for exiting trades as the price moves downwards.
Entry Criteria:
Though the trade is currently in play, as such this is a late analysis. But here was my thought line before the trade was triggered. I allowed the 60,298 price to be broken just to allow the market to show bearish commitment before entering short trades.
Stop loss:
The trade will be invalidate if price goes above leg A. However, because the trade is aggressively towards the D leg, 61,355 would be a decent SL position.
Cheers and happy trading!
Note
This pair has done additional +114pip since this idea was shared, even though it was shared late.Note
This idea has delivered the entire pip projection, over +350pips
Trade closed: target reached
Trade closed: target reached
Done
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