BTCUSD has just completed a 50% retrace of the previous bullish move.
We are now looking for a possible bullish re-entry.
The bullish butterfly here poses entry at the 127% XA measurement and the stop at 161.8% of XA.
We can also see denoted on the chart the 200% BC projection and the 127% AB=CD.
To further validate entry I would like to see these 3 measurements broken in a single bearish 1 bar.
For more information on harmonic patterns please check Scott carney's work.
We are now looking for a possible bullish re-entry.
The bullish butterfly here poses entry at the 127% XA measurement and the stop at 161.8% of XA.
We can also see denoted on the chart the 200% BC projection and the 127% AB=CD.
To further validate entry I would like to see these 3 measurements broken in a single bearish 1 bar.
For more information on harmonic patterns please check Scott carney's work.
Trade active:
As expected the 3 measurements were broken in a single bearish candle.
A strong bullish response can be seen once the trade was validated.
A strong bullish response can be seen once the trade was validated.
Trade closed manually:
Trade 75% closed manually , exceeded target .