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Bearish Butterfly

Attention; Bearish Butterfly on BTC The B point of the Bearish butterly pattern is at 57143.51 which is 0.786. Therefore, if this formation is to work, a pullback from this level may occur. If this analysis works, there could be a downward breakout of the rising wedge around 51,600. After the re-test of the breakout, BTC may fall as low as 32,036. This point is the C level of the formation. BTC's new target is around 87,100k after the downtrend breakout, indicated by the red line. This point is also the 1.618 point of the formation. The 87k value is also the upper bound of a trend drawn from the 2019 high and 2021 high peaks. This analysis is the detailed version of the analysis that I have done in the previous days, which includes the potential bearish butterfly pattern formation. The stated levels are only estimates. It is not investment advice.
by WelcomeToTheSpaceJam
Bitcoin Butterfly HuntingBitcoin appears to be gearing up for its next leg to the upside but there are short term bearish things happening right now that should be on ones radar first. For one, we are breaking below our upward sloping price channel AGAIN and although it is not yet confirmed on the 4 hour timeframe yet, the fact that Bitcoin has failed after 11 four hour candle attempts to break and hold the $48900 level suggests that a retest of lower levels could be in store soon if a local higher high is not put in soon. A level according to what we see with our own eyes on the chart is a very strong level of resistance. And now we find ourselves again getting rejected at it which gives one the feeling that market makers could be looking to send the price back to our 50% retracement area of support in my personal opinion. Another key indicator to validate this opinion I have is in the fact that price action has begun confirming a 78.6% retracement of X to A on the chart which sets us up for a potential Bearish Butterfly Harmonic pattern. The beauty of the bearish butterfly however is that it gives us a higher high but the follow-through once price has hit the Potential Reversal Area is often bearish on these harmonics. For the bullish case one will want to watch the $49600 area. If price comes back up to this level and breaks it, then this harmonic could be in the process of being negated. On the flipside, having buy orders waiting around $46829 would be a good idea as this is not only a great support area at the .5 fibonacci level.. but also the bottom of the C leg of the Bearish Butterfly pattern, something that in my opinion is no coincidence. Please note this does not HAVE to happen. Price could reverse from here and go much higher than $49600 or go lower from here and break our .5 level altogether as well. However, if this is to playout, the $51400 price area appears to be a wise area to take profit if a rally is to eventually come again anytime soon.
Long
by TradeVibez