I can find many chart patterns and reasons why I believe price will bounce from this level, however in this idea I will try to show another one of my POVs that I dont usually show.
Price had formed a Harmonic Butterfly after reaching the 0% line on my Fib. We saw key rejection at this level which coincides and helps confirm the Butterfly pattern. Usually with Harmonic patterns, the first take profit area is most probable a 38% retrace. Most impulses will retrace to this level the majority of the time.
**Moving forward, seeing that this first probable level (on the short) coincides with an area of broken structure of resistance, it's only logical that we re-test this area which will now be support.
**What season is it? Alt Szn
**What trend is BTC on? A Bull run
**How did we break structure? High volume
Due to all of the aforementioned reasons, the chance of price falling back below this structure are less probable (not impossible) than price appreciating from this level.
A view of the different Harmonic patterns will be posted below. Click on my indicators list and try them out for yourself to see the different patterns that show up.
As always, Ill still look for reasons not to enter:
1. No confirmed reversal candle
2.Sellers are in control, big bearish momentum candle.
3. BTC hasnt broken out of the descending channel...yet.
4. there may be better trading opportunities in other tokens.
Price had formed a Harmonic Butterfly after reaching the 0% line on my Fib. We saw key rejection at this level which coincides and helps confirm the Butterfly pattern. Usually with Harmonic patterns, the first take profit area is most probable a 38% retrace. Most impulses will retrace to this level the majority of the time.
**Moving forward, seeing that this first probable level (on the short) coincides with an area of broken structure of resistance, it's only logical that we re-test this area which will now be support.
**What season is it? Alt Szn
**What trend is BTC on? A Bull run
**How did we break structure? High volume
Due to all of the aforementioned reasons, the chance of price falling back below this structure are less probable (not impossible) than price appreciating from this level.
A view of the different Harmonic patterns will be posted below. Click on my indicators list and try them out for yourself to see the different patterns that show up.
As always, Ill still look for reasons not to enter:
1. No confirmed reversal candle
2.Sellers are in control, big bearish momentum candle.
3. BTC hasnt broken out of the descending channel...yet.
4. there may be better trading opportunities in other tokens.
Note
ButterflyABCD
Shark
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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.
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.