A bearish butterfly harmonic pattern forming on BTC?
The retrace touched the 78.6% fib level, so it may be forming a bearish harmonic butterfly pattern. C point can pull back between 38.2% to 88.6% fib level. I think if the pattern will form C may touch the 61.8% fib level on the green dynamic trendline. D point will be on the 161.8% ABA fib extension and 127% AXA fib extension.
Sometimes these type of patterns are valid in the Crypto world, but most of the time manipulation invalidate them. Therefor, let’s see if it plays in the right direction.
Happy tradings!
The retrace touched the 78.6% fib level, so it may be forming a bearish harmonic butterfly pattern. C point can pull back between 38.2% to 88.6% fib level. I think if the pattern will form C may touch the 61.8% fib level on the green dynamic trendline. D point will be on the 161.8% ABA fib extension and 127% AXA fib extension.
Sometimes these type of patterns are valid in the Crypto world, but most of the time manipulation invalidate them. Therefor, let’s see if it plays in the right direction.
Happy tradings!
Note
In my description I previously said manipulation,but I was wrong.It is the wild west which is completely different from manipulation.Note
I have to sadly say that this pattern didn’t form.Next time I will wait for the B and C point to be confirmed before publishing a new idea. Lesson learned.Sorry to waste your time reading this guys. However, it was another lesson for me.
Note
However,let’s see how the daily closed
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.