BTC Bearish Gartley 16.2k - 20.2k range
Updated
To be more conclusive, harmonics not always play on bullish scenarios neither are sure sells, they point out potential tops and reversals.
This patterns says that 78.6% is a strong sell signal once reached, but there's also something in between the lines of this harmonic that says:
"CD: Reversal of BC - If BC is .38 of AB, then CD should be 1.27 of BC. If BC is .886 of AB, then CD should be 161.8 of BC."
BC is exactly 88.6% of AB, then CD should be 161.8% of BC - which is 20266$!
So this gives us a range to short sell and confluences with another harmonic pattern I have kept for long - Shark harmonic, this one gives us a range from 18k to 21.7k to start adding shorts, but truth is, BTC remains super bullish and we could see it invalidate both harmonics, thus I won't short sell until I am sure or see a real reversal.
Being that explained, if this pattern comes alive, from here (we already reached 78.6% at 16237$) then our targets are as marked in chart with black trend lines, firstly point B then 38.2% then 61.8% of AD being the latter stronger target as per harmonic.
👇
If 78.6% of bigger fib won't be top (16237$), then we could go 161.8% of smaller fib (20266$) and only then (once we have a top) we will know more accurately the targets!
***
To add a little of classic TA, 16880$ is 50% OB (middle range of top bearish OB) and strong resistance, above bullish for new high, close below and might get hard rejected.
13800$ - 13900$ is still a hard support and quite interesting it's TP1 of this harmonic pattern, we could be done there and reverse up again!
*These patterns are dominated with bots and algos, we often see a double top or another higher high to liquidate shorts / hunt stops and to make a good trap before it finally plays out and dumps - so be aware!!!
This patterns says that 78.6% is a strong sell signal once reached, but there's also something in between the lines of this harmonic that says:
"CD: Reversal of BC - If BC is .38 of AB, then CD should be 1.27 of BC. If BC is .886 of AB, then CD should be 161.8 of BC."
BC is exactly 88.6% of AB, then CD should be 161.8% of BC - which is 20266$!
So this gives us a range to short sell and confluences with another harmonic pattern I have kept for long - Shark harmonic, this one gives us a range from 18k to 21.7k to start adding shorts, but truth is, BTC remains super bullish and we could see it invalidate both harmonics, thus I won't short sell until I am sure or see a real reversal.
Being that explained, if this pattern comes alive, from here (we already reached 78.6% at 16237$) then our targets are as marked in chart with black trend lines, firstly point B then 38.2% then 61.8% of AD being the latter stronger target as per harmonic.
👇
If 78.6% of bigger fib won't be top (16237$), then we could go 161.8% of smaller fib (20266$) and only then (once we have a top) we will know more accurately the targets!
***
To add a little of classic TA, 16880$ is 50% OB (middle range of top bearish OB) and strong resistance, above bullish for new high, close below and might get hard rejected.
13800$ - 13900$ is still a hard support and quite interesting it's TP1 of this harmonic pattern, we could be done there and reverse up again!
*These patterns are dominated with bots and algos, we often see a double top or another higher high to liquidate shorts / hunt stops and to make a good trap before it finally plays out and dumps - so be aware!!!
Note
Previous analysis at 5.2k aiming toward completion of this current bearish gartley harmonicNote
Invalidated
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