Sive-Morten

The butterfly shape could change

COINBASE:BTCUSD   Bitcoin
Morning everybody,

Actually there is just single update to the chart. On daily time frame we've got the bullish grabber. Theoretically it suggests upward action and here, on the 4H chart I've tried to show what could happen if it works. In this case BTC could show upside AB=CD action very close to butterfly's invalidation point, forming "222" Sell. So, the shape of butterfly could change. It makes no impact on its target and mostly is tactical adjustment, but it might be important to those of you, who are searching change to go short. This scenario provides good chance to make bet on butterfly with very tight stop.

To keep butterfly valid - price has to stay below the "A" point (in red circle). This is invalidation point. Don't be short if price jumps out of it. Also don't be short, if price action will be fast.

In current situation, as investors stand nervous and worry on D. Trump treatment, upside action on BTC hardly possible. Thus, we think that rally probably will be triggered by positive news on Trump recovery, or something of that sort. Otherwise, daily grabber could fail, and butterfly will go as it was suggested initially.

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