As you are all probably aware, well at least for the few that follow me. I am an advanced pattern trader.
Bitcoin has out preformed all markets, now on an hourly time frame it has presented a Bearish Gartley Pattern, I could also of made a case for a Butterfly pattern but it missed the 78.6% fib retracement or X-A. which really is what divides the two.
I have a buying zone for the short on Bitcoin at 10866.71 (78.6%) - 11467.18 (127.2% Ext)
Conventional targets as usual, 38.2% and 61.8%.
Stop above the 1.414 at 11787.45
I have not back tested ever an patterns on Bitcoin, I have no experience with bitcoin. and for 100% transparency i will not be taking this trade.
I will monitor it like all my trades and post accordingly.
Thanks
Bitcoin has out preformed all markets, now on an hourly time frame it has presented a Bearish Gartley Pattern, I could also of made a case for a Butterfly pattern but it missed the 78.6% fib retracement or X-A. which really is what divides the two.
I have a buying zone for the short on Bitcoin at 10866.71 (78.6%) - 11467.18 (127.2% Ext)
Conventional targets as usual, 38.2% and 61.8%.
Stop above the 1.414 at 11787.45
I have not back tested ever an patterns on Bitcoin, I have no experience with bitcoin. and for 100% transparency i will not be taking this trade.
I will monitor it like all my trades and post accordingly.
Thanks
Сделка активна:
BCT has touched the 78.6%, lower section of the buy zone
Комментарий:
BTC, showing signs of a possible roll over. RSI is also showing divergence
Комментарий:
And it just keeps going higher, the pattern presented itself. Due to zero back testing on this particular market i have no real stop. I am open to ideas. My gut tells me BCT is its own beast and doesn't plan to stop anytime soon.