Previous Gartley produced more than 100%:
This time on the weekly time frame chart, the priceline of Hedera Hashgraph has formed a very big bullish Gartley pattern and we will discuss this pattern later in this article. Previously when the price action of HBAR formed a bullish Gartley on the 12-hour time frame then it surged more than 100% but this time it has formed on the weekly time frame.
SMAs and support and resistance levels:
On the daily time frame it can be also observed that the price action of Hedera Hashgraph is moving under the simple moving averages with the time period of 25, 50, 100 and 200. Therefore, there are a lot of resistance levels of the simple moving averages to be broken out. At the same time the price action is at a very strong key level support of 16 cents. Once the price action will be able to break out all the simple moving averages then it can reach to the final resistance that is 40 cents.
Previous and new down channels:
Previously the price action of HBAR coin was moving in a down channel . On 19 May 2021, the price action turned strong bearish and formed another down channel within the previous channel. This time the price action of HBAR cryptocurrency has found a resistance that is at the center of the previous channel. After 19th May 2021 the priceline of Hedera Hashgraph is not able to break out this resistance of the new channel. At the moment the price line is trying to break out the resistance of the new down channel .
Big bullish Gartley:
Now on the weekly time frame chart, the price action has formed the final leg of the bullish Gartley pattern. There is also 50 simple moving average support in the buying zone.
As per the Fibonacci calculations of Gartley the buying and sell targets can be as:
Buy between: $0.1916 to $0.1198
Sell between: $0.2480 to $0.3836
The maximum extent of the buying zone $0.1198 can be used as stop loss. As per the above targets, this trade has a profit possibility of up to 220%, and the loss possibility is 38%, however, in order to minimize the loss, I would suggest using 50 simple moving average as stop loss.
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