#Bitcoin update: #btc has fallen below the 61.8 fib as well

#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.

You can find the updated analysis here also:

https://www.tradingview.com/chart/BTCUSD/WfN7Lv4q-Bitcoin-update-btc-has-fallen-below-the-61-8-fib-as-well/

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LTC: LRapgEkUPwV2qENjtt3NEH8d4PPvW3sFfm
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