Litecoin: Pending Bearish Gartley Pattern

looking at the daily chart of Litecoin we may see a perfect structured bearish Gartley pattern, completing at the 81.1430 area. Trading harmonics in the higher time frames acquires a wide stop-loss considering that it should be placed above X point of the pattern. In case you don't want to go with such a wide sl, when we have the completion of the pattern, switch to a lower time frame looking for a sell setup completion of your favorite strategy. Willing to add confluence at the 0.786 fib level (D point), I used median line analysis and came with a key resistance level better seen in the hourly chart below. Add to this a bearish divergence in the RSI, and you have a high probability bearish Gartley pattern to get involved with.

Trade with care,
John

تعليق:

Price reached the 0.786 fib level and we have the ccompletion of the gartley pattern. In case you don't want to go with a wide sl, watch for price action around the 0.786 level for a sell setup.