BTC another possible drop??

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memo

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Pretty much self-explanatory. Questions are more than welcome.

Bright purple D is the expected drop target derived from the previous gartley pattern. According to the current bull channel (indicated with red-ish area), we can expect a drop close to $7,600 area. Point D (bright purple) will be in between 7600 to 7980 (Fib .618 and .786 each). $ 7,600 is not only derived from Fib retracement but also the rising support line (the red-ish area indicating the bull current and possible bull trend channel).

update when point D is reached or if BTC makes it back to the green support zone I drew under the bright purple gartley.

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dropped around $ 7,800 ish area which I believe is the perfect spot for BTC to reverse trend and hopefully leading to better market next month.

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The leap towards $8,200 area seems like a possible bull trap.
Possibly, the pattern and the point D hasn't completed not just yet.
Could expect more drops for a bit.

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Yup, it sure was a bull trap.

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Previously, I told you already where we are expecting to rebound. Assuming that the gartley pattern has been completed, Fib retracement between XD and AC are in just about right range between $8,500 ish to $8,700.

we had a bull trap just before $ 7,900 that bumped the price quite a bit for awhile.

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adjusted the gartley a little. no biggie.
the change shows the possibility that point D hasn't concluded yet.

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Go to Repost for more updates.

TjPark

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