BTCUSD struggling at pennant support
Priceline of Bitcoin / US Dollar is forming different harmonic patterns, previously it formed bullish gartley and this time it has also formed another harmonic, this time price action has strong pennant support at:9299 and above this price 100MA support therefore in my previous chart I predicted gartley as below:
But now the price action has almost broke down the 100MA support and going struggling at pennant support if this pennant support will be also broken then the price action will go to hit 200MA support and next priceline support which is almost at $7500.
In second case the price action may form a bullish butterfly and take bullish divergence after forming last leg between 1.27 to 1.618 Fibonacci
MACD is strong bearish.
RSI has still more room to drop and enter in oversold zone.
If at this support MACD will turn bullish then the gartley will be not invalidated and the targets as mentioned in my previous chart will be hit otherwise I will post my next chart after breakdown of pennant support lets wait and watch.
Best of luck and regards,
Atif Akbar (moon333)
But now the price action has almost broke down the 100MA support and going struggling at pennant support if this pennant support will be also broken then the price action will go to hit 200MA support and next priceline support which is almost at $7500.
In second case the price action may form a bullish butterfly and take bullish divergence after forming last leg between 1.27 to 1.618 Fibonacci
MACD is strong bearish.
RSI has still more room to drop and enter in oversold zone.
If at this support MACD will turn bullish then the gartley will be not invalidated and the targets as mentioned in my previous chart will be hit otherwise I will post my next chart after breakdown of pennant support lets wait and watch.
Best of luck and regards,
Atif Akbar (moon333)
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