BTC seems to have performed a BAT pattern. Typically targets begin at 88.6% on fibonacci retracment
If this is true, the market will drop to $8,231 which is where a long position would fall to place.
Supporting evidence for this call is the strong momentum to the downside along with the current daily engulfed bearish candle at the time of this writing.
However, my doubts about the pattern creep in when I see that the C leg didn't even kiss the upside 88.6% retracement.
This leaves room for the pattern to then be considered a Gartley which then switches the target to 78.6% (which translates to $8,856)
If this is true, the market will drop to $8,231 which is where a long position would fall to place.
Supporting evidence for this call is the strong momentum to the downside along with the current daily engulfed bearish candle at the time of this writing.
However, my doubts about the pattern creep in when I see that the C leg didn't even kiss the upside 88.6% retracement.
This leaves room for the pattern to then be considered a Gartley which then switches the target to 78.6% (which translates to $8,856)
Market is pushing upwards. Bull momentum building. Seeking resistance @ $10,641