Technical analysis by B9A-88652-NisarAhmad about Symbol BTC: Sell recommendation (7/14/2024)

The Bearish Gartley pattern is a specific type of harmonic pattern used in technical analysis to identify potential reversals in financial markets. It was introduced by H.M. Gartley in his book "Profits in the Stock Market" in 1935. This pattern helps traders to predict the end of a corrective move against the main trend and signals a potential selling opportunity. Key Characteristics of the Bearish Gartley Pattern: Initial Move (XA): The price movement starts with a significant bullish move from point X to point A. Retracement (AB): The price then retraces from point A to point B, typically retracing 61.8% of the XA move. Extension (BC): Following the AB retracement, the price moves again in the direction of the initial XA move to point C, which is typically 38.2% to 88.6% of the AB move. Correction (CD): Finally, the price makes another move from point C to point D, which is an extension of 127.2% to 161.8% of the BC move. Point D is usually at the 78.6% retracement of the XA leg.