Outlook - Just managed to get my computer back over the weekend. I have traded during the weekend based on the Gartly Harmonic pattern that I have plotted on the 1hr chart. Executed a short order around 9130 from the start of the PRZ zone right until the 0.382 retracement line that I have drawn from the previous retracement cycle. This coincides with the double top formation found on 3rd May, which further confirms the onward flung of the BTC price.
The overall outlook of the BTC price seems to undergo a short term retracement. On the 1hr chart, we see that the price development still falls within the Gartly Chart cycle where TP points are set at Point C ( 8650), and Point A (8382). These harmonic points also fall within the trading range, namely. 0.382 (8720) and 0.5 (8562).
In this analysis, I have also considered the resistance line around 0.5. The 8562 has previously been testest on multiple occasions.
Based on Guppy Trend Lines, the SMA(blue) lines have started to develop a more prominent channel in comparison to the LMA (red) lines.
On the 1Day chart, the SMA lines have also started to converge. We have also noticed two long red candle wick formed on both 30th April and 3rd May, giving an early indication of a reversal pattern. If the price of BTC continues to pressure down, the price has a high chance of hitting Point A or 0.618 of the Fib Retracement Cycle. We can also observe that the ADX and D- indicators have started to change in gradient.
At the point of writing, the selling volume on the 1hr is developing its 4th red candle, further confirming the selling pressure.
The overall outlook of the BTC price seems to undergo a short term retracement. On the 1hr chart, we see that the price development still falls within the Gartly Chart cycle where TP points are set at Point C ( 8650), and Point A (8382). These harmonic points also fall within the trading range, namely. 0.382 (8720) and 0.5 (8562).
In this analysis, I have also considered the resistance line around 0.5. The 8562 has previously been testest on multiple occasions.
Based on Guppy Trend Lines, the SMA(blue) lines have started to develop a more prominent channel in comparison to the LMA (red) lines.
On the 1Day chart, the SMA lines have also started to converge. We have also noticed two long red candle wick formed on both 30th April and 3rd May, giving an early indication of a reversal pattern. If the price of BTC continues to pressure down, the price has a high chance of hitting Point A or 0.618 of the Fib Retracement Cycle. We can also observe that the ADX and D- indicators have started to change in gradient.
At the point of writing, the selling volume on the 1hr is developing its 4th red candle, further confirming the selling pressure.
Comment:
At the point of writing, BTC has formed a bottom formation, edging towards the 0.318 Level (8772), and the trading volume is significantly low although it's approaching a resistant line. ADX levels are above 20, but the D- value is decreased with increased D+ value and gradient. I am still waiting for a volumetric and speedy breakthrough to confirm the direction of the price. The current price range is still within the diagonal channel drawn between the swing lows and swing highs.