Bitcoin formed a Bearish Gartley. Likely going down further.
I noticed this last night, but... since we're in limbo right now, I figured it would be a good pattern to point out.
Point B retraced perfectly to the .618 fib level from the X-A move.
Point D retraced .786 from the XA move.
By all sound principles, this is a Bearish Gartley. And we should be on the way further down.
Remember, patterns are not laws. Anything can happen. Keep your stop losses tight.
Careful out there.
-SJ
P.S. - here's information about confirming the Bearish Gartley
dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2012/12/10/Learn_Forex_The_87_Year_Old_Chart_Pattern_That_Traders_Still_Love.html
Point B retraced perfectly to the .618 fib level from the X-A move.
Point D retraced .786 from the XA move.
By all sound principles, this is a Bearish Gartley. And we should be on the way further down.
Remember, patterns are not laws. Anything can happen. Keep your stop losses tight.
Careful out there.
-SJ
P.S. - here's information about confirming the Bearish Gartley
dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2012/12/10/Learn_Forex_The_87_Year_Old_Chart_Pattern_That_Traders_Still_Love.html
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