Bearish Gartley makes the perfect downtrend break + retest!
Bitcoin is currently consolidating between the resistance and support line.
After observing Bitcoins behavior we can make the following observation(s):
- Bitcoin's price bounced when RSI hit oversold condition on the daily.
- Bitcoin's daily MACD crossed right after it tested the support line several times.
We can spot the start of a possible Bearish Gartley which could make Bitcoin break the resistance line.
This Bearish Gartley would copplete at approximately 10700 USD.
The Bearish Gartley, after completion, retraced an average of 18% ( Based on the data used from thepatternsite.com/GartleyBear.html )
If the bearish Gartley completes, followed by an average retrace after the completion of the Gartley, this would result in the perfect retest of the resistance line.
After observing Bitcoins behavior we can make the following observation(s):
- Bitcoin's price bounced when RSI hit oversold condition on the daily.
- Bitcoin's daily MACD crossed right after it tested the support line several times.
We can spot the start of a possible Bearish Gartley which could make Bitcoin break the resistance line.
This Bearish Gartley would copplete at approximately 10700 USD.
The Bearish Gartley, after completion, retraced an average of 18% ( Based on the data used from thepatternsite.com/GartleyBear.html )
If the bearish Gartley completes, followed by an average retrace after the completion of the Gartley, this would result in the perfect retest of the resistance line.
My ideas are not meant for trading advice, always do your own research. Always be prepared for bull and bear scenarios
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If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ