The current situation is little bit complex, so i used more than tool to expect the possible scenarios and it's conditions.
1- Based on Harmonic Analysis; BTC was reversed @ 8492$ which represent 61.2% of Fib for the previous leg.
so there is two possible options ;
A- positive option which represent Gartely which means that BTC my retrace @ 61.2, 78.6 or 88.2 of the previous high "represented as blue lines" and targeting for 9000-9200 zone.
B- Negative option which represent ABCD pattern. this option will be clear in case of Gartely failure. this pattern will target to 4000-4200 zone.
but it's still difficult and may be late to know which of both is leading now. so i'll use price time analysis in next comment to monitor the price insight of time.
1- Based on Harmonic Analysis; BTC was reversed @ 8492$ which represent 61.2% of Fib for the previous leg.
so there is two possible options ;
A- positive option which represent Gartely which means that BTC my retrace @ 61.2, 78.6 or 88.2 of the previous high "represented as blue lines" and targeting for 9000-9200 zone.
B- Negative option which represent ABCD pattern. this option will be clear in case of Gartely failure. this pattern will target to 4000-4200 zone.
but it's still difficult and may be late to know which of both is leading now. so i'll use price time analysis in next comment to monitor the price insight of time.
Note
the following if price time analysis. according to this analysis ABCD pattern is leading until the price get out from this channel. the price should move to the box in the time and if not reached in the time to the box this will mean direction change. there is a time "4 days" from now to reach to 6200 $ "monitor the price in 8th of aug"Note
by monitoring some Whales address, it's clear that they are buying now now selling. for instance; whale of bitfenix bought 3500 BTC @ 7400$ from yesterday until now.
Binance whale bought 10000 BTC @ 7474$ yesterday.
Bitstamp Whale bought 8000 BTC @ 7500 yesterday.
these numbers weren't clear on BTC price but appeared @ ALT prices as they were increasing versus BTC while BTC was dropping in $$
Note
what are you noting?Note
yes......Review my mark 6200 @ 8 of aug
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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.