BEARISH PRESSURE ON BTC to 56,282.5 price
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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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.
Related publications
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.