The Priceline of World's leading cryptocurrency Bitcoin (BTC) has formed bullish Butterfly pattern and entered in potential reversal zone and ready for bullish reversal soon.
Let’s have a look on the Bitcoin priceline's move:
After intitial leg (X to A) the A to B leg has retraced between 0.618 to 0.786 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and final (C to D) leg is retraced between 1.27 to 1.618 Fibonacci as perfectly required for bullish Butterfly pattern and now the price action is moving in potential reversal zone of bullish Butterfly, now we can expect bullish move at any time which will lead the price action between 0.382 to 0.786 Fibonacci projection of A to D leg, but after this bullish divergence if the candles sticks will be closed above the 0.786 Fibonacci levels then it can also lead to the long term bull move.
We also have a 200 simple moving average PRZ level that can be a strong support to push the price action up.
Buying And Sell Targets:
The buying and sell targets according to harmonic Butterfly pattern should be:
Buy between: $8713.12 to $8223.49
Sell between: $9093.12 to $10011.83
The potential reversal zone area which is up to $8223.49 can be used as stop loss in case of complete candle stick closes below this level.
This idea is for short and midterm traders not a long term idea, I will be keep posting more trading ideas.
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