BTC another possible drop??

Updated

memo

Note

Note

Pretty much self-explanatory. Questions are more than welcome.

Bright purple D is the expected drop target derived from the previous gartley pattern. According to the current bull channel (indicated with red-ish area), we can expect a drop close to $7,600 area. Point D (bright purple) will be in between 7600 to 7980 (Fib .618 and .786 each). $ 7,600 is not only derived from Fib retracement but also the rising support line (the red-ish area indicating the bull current and possible bull trend channel).

update when point D is reached or if BTC makes it back to the green support zone I drew under the bright purple gartley.

Note

dropped around $ 7,800 ish area which I believe is the perfect spot for BTC to reverse trend and hopefully leading to better market next month.

Note

The leap towards $8,200 area seems like a possible bull trap.
Possibly, the pattern and the point D hasn't completed not just yet.
Could expect more drops for a bit.

Note

Yup, it sure was a bull trap.

Note

Previously, I told you already where we are expecting to rebound. Assuming that the gartley pattern has been completed, Fib retracement between XD and AC are in just about right range between $8,500 ish to $8,700.

we had a bull trap just before $ 7,900 that bumped the price quite a bit for awhile.

Note

adjusted the gartley a little. no biggie.
the change shows the possibility that point D hasn't concluded yet.

Note

Go to Repost for more updates.

TjPark

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.