My understanding of market psychology tells me that this ''low'' that was made, was in fact a bull trap, simply put. People who bought the low, now have their stops at at around 1.02
The sellers will probably blow the stop losses of these people, and take their profits once this happens.
This will cause a spike when the price retests this area. It will take out as many stops as it can before the previous sellers take their profits. When they do this, the price will likely move up, triggering the uptrend as per bullish butterfly standards.
I hope this helps you understand why I'd rather wait with my entry. :)