In this chart, a harmonic pattern called the “Butterfly Pattern” is visible, with key points labeled as X, A, B, C, and D. Here’s a brief explanation of the components:
1. Harmonic Pattern:
• The pattern is based on specific Fibonacci ratios. The levels indicate that the price may potentially reverse upward from point D.
• Point D is typically where the price is expected to react.
2. MACD:
• The MACD indicator at the bottom shows momentum changes. The blue and orange lines moving downward indicate decreasing buying power.
3. RSI:
• The RSI indicator is in oversold territory (below 30), suggesting a potential reversal in the price.
4. Price Target:
• The blue arrow and the yellow line at the top indicate a potential price target (4.3081). This target is based on technical analysis and might represent a future resistance level.
1. Harmonic Pattern:
• The pattern is based on specific Fibonacci ratios. The levels indicate that the price may potentially reverse upward from point D.
• Point D is typically where the price is expected to react.
2. MACD:
• The MACD indicator at the bottom shows momentum changes. The blue and orange lines moving downward indicate decreasing buying power.
3. RSI:
• The RSI indicator is in oversold territory (below 30), suggesting a potential reversal in the price.
4. Price Target:
• The blue arrow and the yellow line at the top indicate a potential price target (4.3081). This target is based on technical analysis and might represent a future resistance level.
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.
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.