Previously I have posted chart where the price action of Basic attention token formed a bullish shark pattern. And at that time the price action was moving in the potential reversal zone of this harmonic pattern. And at that time I was expecting up to 90% profit but the price action took a powerful bullish divergence and produced more than 102% profit.
After Execution 102% move:
Another Harmonic Move:
Now this time the price action of Basic attention token has formed another bullish harmonic pattern and this time it is bullish Butterfly. And this is another awesome opportunity to earn more profit. This time the profit probability is up to 35%.
Let's dig this pattern deeper to see how perfectly this pattern is driven:
The first leg was started from 16th to 18th Feb 2020 and after that the next A to B leg is retraced between 0.618 to 0.786 Fibonacci levels, then B to C leg is moved up to the Fibonacci projection level between 0.382 to 0. 886 Fibonacci and that is the Fibonacci projection of A to B leg. Then C to D leg is retraced between 1.27 up to 1.618 Fibonacci levels and now the formation of bullish butterfly is completed here.
At this time the priceline is entered in the buying zone and we can place our buying orders in this area.
Buying And Sell Targets:
The buying and sell targets according to harmonic Butterfly pattern should be:
Buy between: $0.2205 to $0.1994
Sell between: $0.2340 to $0.2707
Stop Loss:
The potential reversal zone area which is up to $0.1994 can be used as stop loss in case of complete candle sticks closes below this level.
This idea is for short and mid term traders not a long term idea, I will be keep posting more trading ideas.