A Bullish Butterfly pattern appears to be forming here on our FET daily chart . Wow! We just dumped out of that triangle/pennant structure we had been in before! It happens in crypto - what can I say ! Every chart dumped when Bitcoin dumped . We were in a triangle type structure before but we broke bearish and went below it . You can see what looks like a letter 'M' on the chart now? That could be what is called a Bullish Butterfly harmonic pattern . Now I should say at this point that this chart DOES NOT fit the butterfly pattern perfectly. But it fits pretty close and if that's what it is then our bottom should be in more or less (though it can always wick a small amount ) . That's Point D of our harmonic . We went there last night . If we break upwards from there our target is the 1.618 fibonacci extension shown on the chart which is at 1398 sats ( where the little X is on the chart ). That would be the target .Now keep in mind if this chart continues to break downwards then it might invalidate this Butterfly pattern and there might be something totally different going on ! We have to let it play out . Things can change quickly in crypto . It is what it is . Now I've had a couple critics of my charts say that "Hey! You were wrong about that triangle ! Maybe you're wrong about this too ." I can only say when Bitcoin dumps many chart patterns will change into something else . It happens . We must be prepared for wild swings in a bullrun year . I'm still learning too , but at least I'm trying.
Also you will notice the name of this chart is Butterfly Effect - this is a concept from Chaos Theory which seems to fit the last couple of weeks pretty well ! It's the idea that one small change in a system can cause much larger changes to happen in that system later . Or put another way that one small incident can have a big impact on the future ! Wow! That fits the times we're living through right now ! Where one small sentence from Elon can cause massive changes in the markets ! But anyway - it would be nice if the dumping is done and we start a rise toward 1400 area. Let's let it play out and see.
Also you will notice the name of this chart is Butterfly Effect - this is a concept from Chaos Theory which seems to fit the last couple of weeks pretty well ! It's the idea that one small change in a system can cause much larger changes to happen in that system later . Or put another way that one small incident can have a big impact on the future ! Wow! That fits the times we're living through right now ! Where one small sentence from Elon can cause massive changes in the markets ! But anyway - it would be nice if the dumping is done and we start a rise toward 1400 area. Let's let it play out and see.