BTC 4hr Gartley support and resistance 9/22/24
Gartley Pattern:
This updated chart seems to continue the earlier observed structure, resembling a Gartley pattern. The key points in the structure are:
1. X to A: The steep uptrend from February to the peak around April/May, marking the first major leg of the pattern.
2. A to B: A decline starting from May to around June, signifying the downward retracement of the first leg.
3. B to C: The rebound from June to around August/September, forming the second leg of the W-shape.
4. C to D: The final leg is projected upward, suggesting that the price could rise again towards the $70,000 level, completing the pattern.
This structure implies a bullish Gartley pattern, where a final leg to the upside is expected if the key Fibonacci retracement levels hold.
Fibonacci Levels:
Using Fibonacci retracements and extensions helps confirm the strength and potential of this pattern.
XA Retracement (A to B): In a Gartley, the retracement from X to A (the first decline) typically hits the 61.8% Fibonacci level. In this chart, the decline from May to June retraces a large portion of the previous uptrend, indicating a strong move. The sharp retracement aligns with the idea of a Gartley.
AB Retracement (B to C): The retracement of the second leg (B to C) is commonly between 38.2% and 88.6% of the AB leg. Here, the move from June to August aligns with this, forming a significant bounce.
CD Extension: The last leg (C to D) typically extends to 127.2% to 161.8% of the BC leg. The projected upward movement toward $70,000 fits within this Fibonacci extension zone, which would mark the completion of the Gartley.
Support and Resistance Levels:
Support: Key support levels are around $48,000 to $50,000, which has been a consolidation point before the projected upward leg. This is reinforced by both the Fibonacci retracement and previous price action.
Resistance: The final target of the upward move aligns with $70,000, where a Fibonacci extension matches earlier highs.
Conclusion:
The chart suggests a bullish continuation in Bitcoin’s price action, following the pattern's upward projection toward $70,000. The Gartley pattern and Fibonacci levels reinforce the potential for this upward move, provided the key support levels hold above $48,000. Traders might look for buying opportunities near the current support zones, while watching for resistance around $70,000.
This updated chart seems to continue the earlier observed structure, resembling a Gartley pattern. The key points in the structure are:
1. X to A: The steep uptrend from February to the peak around April/May, marking the first major leg of the pattern.
2. A to B: A decline starting from May to around June, signifying the downward retracement of the first leg.
3. B to C: The rebound from June to around August/September, forming the second leg of the W-shape.
4. C to D: The final leg is projected upward, suggesting that the price could rise again towards the $70,000 level, completing the pattern.
This structure implies a bullish Gartley pattern, where a final leg to the upside is expected if the key Fibonacci retracement levels hold.
Fibonacci Levels:
Using Fibonacci retracements and extensions helps confirm the strength and potential of this pattern.
XA Retracement (A to B): In a Gartley, the retracement from X to A (the first decline) typically hits the 61.8% Fibonacci level. In this chart, the decline from May to June retraces a large portion of the previous uptrend, indicating a strong move. The sharp retracement aligns with the idea of a Gartley.
AB Retracement (B to C): The retracement of the second leg (B to C) is commonly between 38.2% and 88.6% of the AB leg. Here, the move from June to August aligns with this, forming a significant bounce.
CD Extension: The last leg (C to D) typically extends to 127.2% to 161.8% of the BC leg. The projected upward movement toward $70,000 fits within this Fibonacci extension zone, which would mark the completion of the Gartley.
Support and Resistance Levels:
Support: Key support levels are around $48,000 to $50,000, which has been a consolidation point before the projected upward leg. This is reinforced by both the Fibonacci retracement and previous price action.
Resistance: The final target of the upward move aligns with $70,000, where a Fibonacci extension matches earlier highs.
Conclusion:
The chart suggests a bullish continuation in Bitcoin’s price action, following the pattern's upward projection toward $70,000. The Gartley pattern and Fibonacci levels reinforce the potential for this upward move, provided the key support levels hold above $48,000. Traders might look for buying opportunities near the current support zones, while watching for resistance around $70,000.
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