#Bitcoin Bullish Butterfly (4H)
Updated
Bitcoin is in the process of painting a Bullish Butterly pattern.
The Butterfly is an excellent signal for trend reversal, should price break above the structure expect an extended move in the direction of the trend.
The current bearish pressure has caused price to move sideways for several days.
The Bulls now need a strong signal pointing at where the ideal price is to buy the dip.
I will take the time to break down, not only, how to identify and measure the Harmonic Butterfly pattern, but also why this specific structure on Bitcoin and it's (PRZ) should be considered a high probability bullish entry point ... ( Always manage your risk, high probability is not a guarantee! )
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.
The Butterfly is an excellent signal for trend reversal, should price break above the structure expect an extended move in the direction of the trend.
The current bearish pressure has caused price to move sideways for several days.
The Bulls now need a strong signal pointing at where the ideal price is to buy the dip.
I will take the time to break down, not only, how to identify and measure the Harmonic Butterfly pattern, but also why this specific structure on Bitcoin and it's (PRZ) should be considered a high probability bullish entry point ... ( Always manage your risk, high probability is not a guarantee! )
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.
Note
Note
Due to the retracement reaching beyond the 78.6% B point of the butterfly I would caution against entering without further confirmation on the lower time frames.Note
TP1 hit
Related publications
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.