Bullish Gartley Pattern on BTC, but - lack of support

3 Şub 2018

We can see a bullish gartley pattern formed on BTC daily chart, this is a sign of potential reversal near point D ( CD=1.27AB ).
Harmonica patterns are usually used accompany with other technical indicators to increase the probability of a valid entry, e.g. the 21MA.

However, BTC is running under daily 21MA for 3 weeks now, and there's no strong support under D.

I would wait to see if it climbs up 21MA and that is a buy signal.

6 Şub 2018

Not

As we can see on 4h chart, the RSI(2) shows oversold which usually indicates that a temporary bottom is forming.

7 Şub 2018

Not

Pushed down by 21MA on 4H, Waiting for MA to be smoother, and price breaking over it.

9 Şub 2018

Not

Downward pressure decreased - Let's see how it reacts at 7000 and 6500 levels, it could bounce right from these fib levels or retest deep to -6000.