BTC is forming yet another bull gartley although reduced in size.
The Gartley is not yet completed in my opinion and the "D" point will likely hit 7500 again. Notice that the figure is not exactly harmonic so the magnitude of the reversal will not happen "by the books". TP could lay around 8090$.
As the previous one, it will be short lived (even more) and it will not indicate an overall path reversal.
We are still in a bear channel and, unless the main trend is broken and that is unlikely at the moment, we are still headed down. Bubble popped.
Aside from technical analysis it is important to notice that later movements happened in response to overall "macroeconomic" happenings. Governments are still trying to "regulate" BTC and the possible capital gains coming from trading it.
As usual, not a trading advice, merely my idea.
The Gartley is not yet completed in my opinion and the "D" point will likely hit 7500 again. Notice that the figure is not exactly harmonic so the magnitude of the reversal will not happen "by the books". TP could lay around 8090$.
As the previous one, it will be short lived (even more) and it will not indicate an overall path reversal.
We are still in a bear channel and, unless the main trend is broken and that is unlikely at the moment, we are still headed down. Bubble popped.
Aside from technical analysis it is important to notice that later movements happened in response to overall "macroeconomic" happenings. Governments are still trying to "regulate" BTC and the possible capital gains coming from trading it.
As usual, not a trading advice, merely my idea.
Trade active
The minimum (point D) was a bit lower than what I honestly expected but BTC finally bounced up again. The possible TP may likely be a bit too high considered the lower conclusion of the bull bat. 7600 is still quite possible.As usual, not a trading advice, merely my idea.
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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.