This large, bullish Gartley pattern is nearing completion and indicates that price will begin to climb soon. I have set out the pattern with point D very near to 9000, so will be looking for price to drop to there before going long, targeting the 61.8% level of X to C. I will activate the trade once I believe the pattern is complete.
This is part 2 of this idea, I originally spotted the pattern on 8th Jan and managed to get a short position in to profit from the major selloff.
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Oops! Please ignore the blue horizontal lines, they are nothing to do with this trade setup
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Looking for any reversal signs here, we are not at D yet but we are close enough to be worried about missing our entry
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hmmm, BTC catching a bid at the moment. Don't want to miss the move but I'm not yet convinced enough that the downtrend is done
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I'm going to open an order to buy at 10,000. Will update if I feel the need to open manually
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I forgot to update before but if you refresh the chart you can see that BTCUSD came right up to our target level before reversing :)
@jackjamesholmes - may i ask you what your thoughts are on this now?
are you expecting a second drop down to below sub 9000?
thank you
jackjamesholmes
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@digitalwhisper, no. Quite simply, I think I missed the bottom and I don't want to chase it now unless it does come back down. Annoying really because I think that it shows that the trade idea was a good one but I wasn't ready to act when the price started rising again.
I am confident it will keep rising to at least my target, so up to you if you want to jump in now but I already have a set of Bitcoin positions so don't need to add. I will keep my order in at 10000 in case it does go down again.
are you expecting a second drop down to below sub 9000?
thank you