After drop the BTCUSD has completed another bullish Butterfly
Reference to my below previous post on Bitcoin / US Dollar the leading cryptocurrency formed bullish cypher on 12hr chart:
If the price action would have crossed up the 0.786 of C to D leg's Fibonacci projection then my below Idea would be executed where the price action has formed a bullish Butterfly on 4 day chart on sep 2019:
and the BTC would hit the 9058.05 to 11193.73 levels, but the previous idea where the price action formed cypher on 12hr chart is executed and the price action has hit the sell zone but did not cross up the 0.786 Fibonacci and dropped down again.
Now after this drop the price action has given us another hope by forming another bullish Butterfly pattern on day chart and entering in potential reversal zone of this new pattern.
Now this PRZ area should be used as stop loss point in case of complete candle stick closes below this zone.
We can again expect that if the price action will cross up the 0.786 fiboancci projection of A to D leg of this new pattern then the BTC can hit the 0.382 to 0.786 Fibonacci levels of A to D leg's projection on 4 day chart where it has also formed another bullish butterfly as I have shared above.
Remember we have still strong support of 100 simple moving average on week chart where the price action is hitting and consolidating above this support:
After applying the Fibonacci sequence method on price action the targets for this new bullish butterfly pattern are as below:
Buy between: $7493.65 to $7125.48
Sell between: $7772.79 to $8457.37
Regards,
Atif Akbar (moon333)
If the price action would have crossed up the 0.786 of C to D leg's Fibonacci projection then my below Idea would be executed where the price action has formed a bullish Butterfly on 4 day chart on sep 2019:
and the BTC would hit the 9058.05 to 11193.73 levels, but the previous idea where the price action formed cypher on 12hr chart is executed and the price action has hit the sell zone but did not cross up the 0.786 Fibonacci and dropped down again.
Now after this drop the price action has given us another hope by forming another bullish Butterfly pattern on day chart and entering in potential reversal zone of this new pattern.
Now this PRZ area should be used as stop loss point in case of complete candle stick closes below this zone.
We can again expect that if the price action will cross up the 0.786 fiboancci projection of A to D leg of this new pattern then the BTC can hit the 0.382 to 0.786 Fibonacci levels of A to D leg's projection on 4 day chart where it has also formed another bullish butterfly as I have shared above.
Remember we have still strong support of 100 simple moving average on week chart where the price action is hitting and consolidating above this support:
After applying the Fibonacci sequence method on price action the targets for this new bullish butterfly pattern are as below:
Buy between: $7493.65 to $7125.48
Sell between: $7772.79 to $8457.37
Regards,
Atif Akbar (moon333)
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