Bitcoin Completes Bullish Gartley - Bitcoin! (BTC)
Updated
Hello Traders.
Looking to the H12 on the right, we see that Bitcoin has completed a nearly flawless Bullish Gartley pattern.
Created in 1935 by H.M. Gartley, this is one of my favorite harmonic patterns as it is based heavily on Fibonacci. The Bullish Gartley consists of 4 trends in total, using Fibonacci to indicate trend reversals by analyzing swing highs and lows on the macro time frames. Gartley referred to this pattern as one of his favorites as well.
The XA wave, being the impulse wave that is analyzed, in this case indicating a strong continuation of the recent trend. These patterns are very specific and require Fibonacci retracements/extensions that are precise.
There isn't much else to say. I would recommend reading up on this pattern. Traditional targets are the low of the AB swing (already hit), the high of the BC swing (
13K), and the 127% - 161.8% ext of the total length of the AD measurement (18K).
At the very least I expect a retest of 13k. If broken, it's likely that parabola will recommence as the King of Crypto pushes for 18k.
This could take some time. To assist with an estimation of when we could expect these targets, I have included Fib time zones based on the original wave measured (XA). That would give us another swing high somewhere around 19 AUG 2019 to 28 SEP 2019.
Good luck, traders!
Looking to the H12 on the right, we see that Bitcoin has completed a nearly flawless Bullish Gartley pattern.
Created in 1935 by H.M. Gartley, this is one of my favorite harmonic patterns as it is based heavily on Fibonacci. The Bullish Gartley consists of 4 trends in total, using Fibonacci to indicate trend reversals by analyzing swing highs and lows on the macro time frames. Gartley referred to this pattern as one of his favorites as well.
The XA wave, being the impulse wave that is analyzed, in this case indicating a strong continuation of the recent trend. These patterns are very specific and require Fibonacci retracements/extensions that are precise.
There isn't much else to say. I would recommend reading up on this pattern. Traditional targets are the low of the AB swing (already hit), the high of the BC swing (
13K), and the 127% - 161.8% ext of the total length of the AD measurement (18K).At the very least I expect a retest of 13k. If broken, it's likely that parabola will recommence as the King of Crypto pushes for 18k.
This could take some time. To assist with an estimation of when we could expect these targets, I have included Fib time zones based on the original wave measured (XA). That would give us another swing high somewhere around 19 AUG 2019 to 28 SEP 2019.
Good luck, traders!
Note
Some of you might remember the Gartley I attached to one of my bitcoin charts some weeks back, look at the behavior after the pattern is completeNote
Note
Technically speaking that gartley was less perfect.Looking for entries 9150 - 9475
Note
Probably can put longs nowNote
Am still 100% confident in this analysis.Trade active
Going perfectly now. Not a coincidence that we started moving as Asian markets wake up for the weekNote
Stops can be placed at entry or moved into profit it's up to you. Good luck traders.Note
It's time =)Note
busy tonight but hereNote
As we begin to approach the next Fib circle, keep in mind this can affect price in many ways. It can act as resistance, or support depending on circumstances.Note
As long as we break out above the halfway line of the circle I would consider the trend bullish.Here we can see BTC fighting with lesser resistance on the H1
Note
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