Hi fox hope you are well, here I have found another profit potential trading idea and this time on daily chart the Stellar (XLM) is forming bullish Butterfly pattern and soon it will be entered in potential reversal zone to move up.
The Pattern:
After initial leg (X to A) the A to B leg is 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 Fibonacci projection area and last leg (C to D) should be retraced between 1.27 to 161.8 Fibonacci then the priceline will be ready to take bullish or upwards move.
Buying And Sell Targets:
The buying and sell targets according to harmonic Butterfly pattern should be:
Buy between: $0.0454 to $0.0335
Sell between: $0.0546 to $0.0771
Stop Loss:
The potential reversal zone area which is up to $0.0335 can be used as stop loss in case of complete candle stick closes below this level.
Note: This idea is education purpose only and not intended to be investment advise, please seek a duly licensed professional and do you own reaserch before any investment.
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