Formation Of Big Bullish Gartley Pattern:
In Mar 2019 on month chart the price action of Bitcoin retraced upto 0.786 Fobonacci on month chart and went close to 50 simple moving average in the meanwhile the moving average convergence divergence (MACD) started turning bullish by turnings weak bearish from strong bearish and stochastic gave bull cross from the oversold zone.
Many traders at that time were expecting more bearish trend but based on above indications and some other bullish signals I predicted that Bitcoin has confirmed that soon its gonna form a harmonic Gartley pattern, and I posted the below prediction on tradingview on 12 April 2019:
Based on above predictions I predicted that in 1st move while forming B to C leg of above harmonic Gartley pattern the leading cryptocurrency can hit from $10228.0 to $18225.8 and soon in the month of June the Bitcoin has hit between this level and completed the B to C leg of Gartley's leg.
Now for the completion of this above Gartley pattern there was need for pull back that the final leg (C to D) leg should be retraced between 0.618 to 0.786 Fibonacci and now we can see the price action has moved as per prediction and pulled back to this Fibonacci level and the formation of Gartley pattern is completed and we again entered in potential reversal zone of this pattern this time the pattern can be seen even two month chart:
Current Position Of Moving Averages And Oscillators:
This time after entering the potential reversal zone the price action has hit the 100 SMA on week chart since 23 Sep 2019 and MACD started turning bullish Oct 2019 and after some price correction period the MACD turned strong bullish:
Now we can see as per Gartley pattern our buying zone or potential reversal zone is: $ 7522.98 to $ 4221.97
And sell zone is: $ 10121.58 to $ 16360.97
Have A Cup Of Tea:
Here on day chart we can see another very interesting cup & handle pattern has been formed and this is a strong bullish continuation trend signal.
The wave down and wave up are moved very soft and round shape like a realy cup's body, there is no V shape or hard corners and this is a fact that as much this shape will be soft or U shape rather V or hard corner shape as much the Cup & Handle pattern will be true and confirmed.
Now we are almost at the resistance of the cup which is at: $9819.92 now the price action may hit the spike upto this level and move down or we can have a pull back from here coz price action is already very close to this resistance level, now if the price action drops from this point to form the handle of this cup then we can see a bull flag formation, down channel or pennant and wait for the breakout which will lead to a massive bull rally.
Based on above patterns and indications the next move of BTC is confirmed between $ 10121.58 to $ 16360.97 but as per history of Bitcoin this asset always hits higher than the previous highs, therefore the price action can even break the 0.786 Fibonacci level which is at $16360.97 to achieve the highest price ever in the history of Bitcoin.
For this all trade plan the preferred stop loss for me is the 200 simple moving average of 1 week chart because if we want to achieve the big gains then we need to be ready for big risks and stop losses but the 100 SMA can also be used since this support is also very strong as it is not broken since Dec 2015.
Atif Akbar (moon333)
I have shared the link of trading view below you can also follow my published trading ideas there and also shared binance exchange's link which has the largest trade volume of every cryptocurreny.