Happy Saturday everyone. I’m sure everyone holding BTC right now is very excited it hit an all time high of 60k!
This is my 2nd practice attempt at recognizing and analyzing harmonic patterns. This chart is a 15m and the pattern began taking shape last night around 0030 GMT. I’m pretty sure this is a bullish gartley pattern, however all of the retracements don’t fall within the set parameters. AB retracement is roughly 7% off the mark. AC appears to be spot on. BD is also good but the XD retracement doesn’t match up. I went ahead and extended the line to see what an optimum pattern completion would look like. The thing that really strikes me as interesting is that the D point matches up perfectly with the MASSIVE bullish candlestick that projected price up to over 60k. Based on the 15m chart, it also looks as if we have a new level of trend support forming around the 59k mark. I don’t understand why the price shot up at the D point but I suspect there is an explanation for this. I’m excited to continue learning. Any feedback would be greatly appricated. Happy trading everyone!
This is my 2nd practice attempt at recognizing and analyzing harmonic patterns. This chart is a 15m and the pattern began taking shape last night around 0030 GMT. I’m pretty sure this is a bullish gartley pattern, however all of the retracements don’t fall within the set parameters. AB retracement is roughly 7% off the mark. AC appears to be spot on. BD is also good but the XD retracement doesn’t match up. I went ahead and extended the line to see what an optimum pattern completion would look like. The thing that really strikes me as interesting is that the D point matches up perfectly with the MASSIVE bullish candlestick that projected price up to over 60k. Based on the 15m chart, it also looks as if we have a new level of trend support forming around the 59k mark. I don’t understand why the price shot up at the D point but I suspect there is an explanation for this. I’m excited to continue learning. Any feedback would be greatly appricated. Happy trading everyone!
Comment:
Here is a 1h chart for comparison
