BTC Gartley 9/22/24
Gartley Pattern Analysis:
The structure on the chart resembles a bullish Gartley pattern, particularly the W-shape. A Gartley pattern generally starts with a sharp movement (X to A), followed by three price swings (A to B, B to C, C to D) which often retrace at specific Fibonacci levels. Here's how it lines up:
1. X to A: The first downward leg, where the price declines, seems to be from the April high to the May low, which marks the beginning of the pattern.
2. A to B: A sharp upward movement post the decline (May to July), forming the first leg of the W-shape.
3. B to C: The retracement downward from the July peak to the late July low.
4. C to D: This last leg seems to be heading upward, as suggested by the W-shape pattern, targeting higher levels near $68,000.
Fibonacci Levels:
In a bullish Gartley, key Fibonacci retracement levels are critical in determining reversals within the pattern.
XA Retracement (A to B): Typically, in a Gartley, the B point should retrace about 61.8% of the XA leg. This aligns with the sharp rise seen post-May, where Bitcoin rebounds significantly.
AB Retracement (B to C): The BC leg should retrace about 38.2% to 88.6% of the AB move. On this chart, the drop after July seems to retrace less than 50% of the prior upward movement, suggesting the typical behavior of a Gartley.
CD Extension: The final leg from C to D usually extends around 127.2% to 161.8% of the BC move. The projected upward target around $68,000 could correspond to a 161.8% Fibonacci extension, which is a typical target for the completion of the pattern.
Price Targets and Outlook:
The chart shows a bullish bias, especially with the Gartley pattern nearing completion. The upward projection suggests a possible rally towards the $68,000 range.
Key levels:
Support around $59,000, which aligns with a previous consolidation area.
Resistance at $68,000, which matches both the Fibonacci extension target and prior highs from earlier in the year.
This suggests that Bitcoin may experience a bullish continuation if the current uptrend holds, with potential pullbacks near $59,000 offering key buying opportunities.
The structure on the chart resembles a bullish Gartley pattern, particularly the W-shape. A Gartley pattern generally starts with a sharp movement (X to A), followed by three price swings (A to B, B to C, C to D) which often retrace at specific Fibonacci levels. Here's how it lines up:
1. X to A: The first downward leg, where the price declines, seems to be from the April high to the May low, which marks the beginning of the pattern.
2. A to B: A sharp upward movement post the decline (May to July), forming the first leg of the W-shape.
3. B to C: The retracement downward from the July peak to the late July low.
4. C to D: This last leg seems to be heading upward, as suggested by the W-shape pattern, targeting higher levels near $68,000.
Fibonacci Levels:
In a bullish Gartley, key Fibonacci retracement levels are critical in determining reversals within the pattern.
XA Retracement (A to B): Typically, in a Gartley, the B point should retrace about 61.8% of the XA leg. This aligns with the sharp rise seen post-May, where Bitcoin rebounds significantly.
AB Retracement (B to C): The BC leg should retrace about 38.2% to 88.6% of the AB move. On this chart, the drop after July seems to retrace less than 50% of the prior upward movement, suggesting the typical behavior of a Gartley.
CD Extension: The final leg from C to D usually extends around 127.2% to 161.8% of the BC move. The projected upward target around $68,000 could correspond to a 161.8% Fibonacci extension, which is a typical target for the completion of the pattern.
Price Targets and Outlook:
The chart shows a bullish bias, especially with the Gartley pattern nearing completion. The upward projection suggests a possible rally towards the $68,000 range.
Key levels:
Support around $59,000, which aligns with a previous consolidation area.
Resistance at $68,000, which matches both the Fibonacci extension target and prior highs from earlier in the year.
This suggests that Bitcoin may experience a bullish continuation if the current uptrend holds, with potential pullbacks near $59,000 offering key buying opportunities.
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