A final push down to complete a macro-bullish Gartley - BTCUSD
Taking a look at larger time frames, we see a potential bullish Gartley in the making for BTCUSD. I still believe we are on course for another leg down for this correction, but it very well be the final stand. This chart shows our original bearish Gartley, and it's target zone between the 1.272 and 1.618 fib extensions. Somewhere in this zone would satisfy the larger time frame bullish Gartley.
This current run down has yet to show bullish divergence on any time frame larger than 2 hours. I would wait for at least a div on the 4 hour or, better yet, daily. I mentioned it in my most recent post also, but pay attention to the date January 26th, as that is the day CME futures contracts expire. I would not be surprised if the bottom occurs +/- 1 day of this event, as the last one did with CBOE expiries on January 18th.
Keep in mind this is a longer term trade target, I am still bearish on BTCUSD in the short-term. Based on THIS CHART I would look to close shorts above $9,000. Open longs between $9,000 and $7,500 with stops below $7,000. PT, long term, being somewhere between $23,000 and $29,000 .
I will update this and past ideas as this unfolds. See the ideas linked below for more.
*THIS IS NOT TRADING ADVICE - It is imperative you do your own analysis and research, and trade on your own accord*
This current run down has yet to show bullish divergence on any time frame larger than 2 hours. I would wait for at least a div on the 4 hour or, better yet, daily. I mentioned it in my most recent post also, but pay attention to the date January 26th, as that is the day CME futures contracts expire. I would not be surprised if the bottom occurs +/- 1 day of this event, as the last one did with CBOE expiries on January 18th.
Keep in mind this is a longer term trade target, I am still bearish on BTCUSD in the short-term. Based on THIS CHART I would look to close shorts above $9,000. Open longs between $9,000 and $7,500 with stops below $7,000. PT, long term, being somewhere between $23,000 and $29,000 .
I will update this and past ideas as this unfolds. See the ideas linked below for more.
*THIS IS NOT TRADING ADVICE - It is imperative you do your own analysis and research, and trade on your own accord*
Transaction en cours:
Wow, just hit the gartley projected point D right on the money. I have some ideas predicting lower than this, but in the grand scheme this may be a good entry point (long).
Trade fermée: cible de profit atteinte
Transaction en cours:
Overshot our initial target, I touch on this in other posts. The bullish targets is weeks/months away I imagine. We are currently sitting under resistance provided by the bottom of our original distribution trading range (see post on wyckoff).
Trade fermée: ordre d’arrêt atteint:
Previous close was on a short, this would be for the long target. Harmonic invalidated.
