Short

BTCUSD - Bearish butterfly complete

Updated

Completed bearish butterfly pattern.

I'm shorting to targets 1805 and 1610

Trade active

Note

In answer to a repeated question tonight:

The standard stop-loss level for an Ideal Butterfly harmonic pattern is the 1.414 extension of the XA leg. In this case, 2004.51. This would be very close to my stop in a Forex or securities market.

However, due to the inherent volatility of cryptocurrency markets and their widely varying prices across exchanges I use a wider stop when trading bitcoin (or any other crypto). Personally, I create a basket of various BTCUSD markets to get a feel for the current price-range and go from there. More art than science, I'm afraid. :-)

Trade closed: stop reached

Onward and upward

I_see_BTC

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