Another potential Butterfly Advanced Harmonic on Bitcoin
Hi guys, I think we might have another advanced butterfly formation setting up.
It might be too early to say for sure that this pattern will play out, especially as the price is dealing with this .618 fib retracement of 11.7k down to 6.4k level right now.
But if the price can stay above this .618 fib level (in black) then there’s a good chance this will follow.
The PRZ is set at Point D which is a 1.272 fib extension of AB.
This PRZ forms a confluence with the R1 resistance line, which would be a likely place for price to reverse from.
Both targets are given at the .382 and .618 retrace of the AD leg, shown by the green arrows.
I will try my best to get a longer-term update for you guys later tonight, but it will be difficult as I will be out of state for most of tonight and I will be busy with mother’s day all day tomorrow.
For a quick prediction, I believe we will see temporary upside over the next 4 days or so before falling back down again after the consensus wraps up.
I don’t believe the price will breach the R3 trend line during this time, but I will update if there is something that makes me change my mind.
I hope this can help at least for the short term.
Key
R1 = Resistance trend line formed from Dec 2017 high (19.7k) through 9.7k and 9.5k (April)
R3 = Resistance trend line formed from 8.5k (April) through recent reaction lows
It might be too early to say for sure that this pattern will play out, especially as the price is dealing with this .618 fib retracement of 11.7k down to 6.4k level right now.
But if the price can stay above this .618 fib level (in black) then there’s a good chance this will follow.
The PRZ is set at Point D which is a 1.272 fib extension of AB.
This PRZ forms a confluence with the R1 resistance line, which would be a likely place for price to reverse from.
Both targets are given at the .382 and .618 retrace of the AD leg, shown by the green arrows.
I will try my best to get a longer-term update for you guys later tonight, but it will be difficult as I will be out of state for most of tonight and I will be busy with mother’s day all day tomorrow.
For a quick prediction, I believe we will see temporary upside over the next 4 days or so before falling back down again after the consensus wraps up.
I don’t believe the price will breach the R3 trend line during this time, but I will update if there is something that makes me change my mind.
I hope this can help at least for the short term.
Key
R1 = Resistance trend line formed from Dec 2017 high (19.7k) through 9.7k and 9.5k (April)
R3 = Resistance trend line formed from 8.5k (April) through recent reaction lows
Comment:
Things aren't looking as strong as I initially thought. If the price cannot get past Point B then this pattern is invalidated.
Order cancelled:
Pattern is incomplete. Trade cancelled