Bitcoin Butterfly: D hit, could it be B of a LARGE Butterfly?
Updated
Bitcoin is in a really interesting place at the moment... Personally i would love it to get up to the 1.618 ext of the Butterfly pattern discussed in the video. The reason for the is if it does that level is right at the 78.6 fib level of a larger Butterfly pattern which could be setting up.
I discuss what I will do if price gets to 78.6 and has not hit the missed central pivots.... hint... I'll short back down to those levels. The I will look to get long if I see price forming a C so I can trade the CD leg.
Jump to reference points:
0:29 discuss the small Butterfly which has completed at 1.272 ext
1:40 Refer to video of last week (see below) where i did not take the pattern (C D leg) because of missed pivots to down side
2:10 trading rules
2:45 missed pivots to the down side
4:10 pattern projections using "trend based fib extension" tool to see where price could go
5:10 new Fib levels drawn in, price has exceeded 61.8 could it go to 78.6? Looks possible if smaller Butterfly pattern goes to 1.618 extension
5:55 potentially getting short at 78.6 / 1.618 ext and trading back down to central pivots assuming they are still missed
6:45 are we seeing the begginings of a LARGE Butterfly forming up? If price goes to 78.6 then it is quite possible
8:40 I call the smaller Butterfly a BAT which is incorrect
I will update as things progress
I discuss what I will do if price gets to 78.6 and has not hit the missed central pivots.... hint... I'll short back down to those levels. The I will look to get long if I see price forming a C so I can trade the CD leg.
Jump to reference points:
0:29 discuss the small Butterfly which has completed at 1.272 ext
1:40 Refer to video of last week (see below) where i did not take the pattern (C D leg) because of missed pivots to down side
2:10 trading rules
2:45 missed pivots to the down side
4:10 pattern projections using "trend based fib extension" tool to see where price could go
5:10 new Fib levels drawn in, price has exceeded 61.8 could it go to 78.6? Looks possible if smaller Butterfly pattern goes to 1.618 extension
5:55 potentially getting short at 78.6 / 1.618 ext and trading back down to central pivots assuming they are still missed
6:45 are we seeing the begginings of a LARGE Butterfly forming up? If price goes to 78.6 then it is quite possible
8:40 I call the smaller Butterfly a BAT which is incorrect
I will update as things progress
Note
Butterfly is working, missed monthly (may) & weekly (2 weeks ago) central pivots in sight.
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