#Bitcoin has fallen below the 61.8 fib level: 7780 after making a bearish harmonic pattern around the fib resistance level .
#btc is down 6% since then.
Next level of support for #BTC is at 7200 which is the 78.6fib as well as 1:1 fib extension of wave a downwards.
Currently this scenario is in play:
Potential Harmonic Combo in development for #Bitcoin
Pink is bullish Gartley Green is bearish Gartley
D point was a PRZ(Price reversal zone), we saw price action in uptrend after the D leg completion.
Then a 6.8% drop in #BTC after TP1(Take-Profit 1) hit
11.39% drop in #BTC after TP2 hit
Now subsequently a Bearish Gartley (Green) is in works right now.
Currently we are in the BC leg
C leg is at 78.6 fib of AB right now, however it could also go down to 6900 (88.6fib)
Then we can see the CD leg in development:
Range for D leg: 10975-12190: This region will be a PRZ(Price reversal Zone) and good a area to short BTC
In Harmonic patterns , we do not trade(long) CD leg, we look for price reversal confirmation in PRZ around D point to enter short position.
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LTC: LRapgEkUPwV2qENjtt3NEH8d4PPvW3sFfm
XRP Address: rEb8TK3gBgk5auZkwc6sHnwrGVJH8DuaLh XRP Tag: 778576383
BTC: 1LM7tHMvLSghnBw2WTk3MSvfDyiGP5uGpd
ETH: 0x47eefeeea7e7b0d0840e841fbf3b3ab28ea86f88