The Butterfly that broke #Bitcoin: Part 2
The Butterfly pattern on the 15m Time Frame caused a considerable retracement to the uptrend.
Only after a deep test of a Bullish Butterfly on the 4H TF did the Bulls resume the uptrend.
The Bears have now painted the same structure on the Daily TF. At TP1 they would have closed 50% of their Shorts, making their remaining position risk free.
Should price close below the pattern, the bears will look to form a bearish Gartley or Bat to continue the move to the downside.
Although price hit entry for the pattern on Bitstamp it is yet to do so on Binance and Coinbase, this opens the possibility of a retest of the entry for all the exchanges.
For further guidance and education on the butterfly pattern and other harmonic systems, check the idea links below and my media links at the bottom.
Only after a deep test of a Bullish Butterfly on the 4H TF did the Bulls resume the uptrend.
The Bears have now painted the same structure on the Daily TF. At TP1 they would have closed 50% of their Shorts, making their remaining position risk free.
Should price close below the pattern, the bears will look to form a bearish Gartley or Bat to continue the move to the downside.
Although price hit entry for the pattern on Bitstamp it is yet to do so on Binance and Coinbase, this opens the possibility of a retest of the entry for all the exchanges.
For further guidance and education on the butterfly pattern and other harmonic systems, check the idea links below and my media links at the bottom.
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