Priceline of World's 78th ranked cryptocurrency out of more than 2300 cryptocurrencies Steem is forming bullish Shark pattern and soon it will be entered in potential reversal zone and will be ready for bullish reversal soon.
This potential reversal zone should be used as stop loss in case of complete candle stick closes below this zone.
Let’s have a look on the dimensions of Steem price action's moves:
After inertial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg is suppose to be retraced between 0.886 to 1.13 Fibonacci for a perfect bullish Shark and then the price action will be entered in potential reversal zone of this bullish Shark pattern, then we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of C to D leg, but after this bullish divergence if the candles sticks will be closed above 0.786 Fibonacci levels then it can also lead to the long term bullish move.
As per Fibonacci sequence method we can set our targets as below for mid term trade:
Buy between: $0.1171 to $0.1087
Sell between: $0.1247 to $0.1419
So this short trade has potential to produce upto 30% bullish move.
Regards,
Atif Akbar (moon333)
The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not intended to be investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic bullish Shark pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.
This potential reversal zone should be used as stop loss in case of complete candle stick closes below this zone.
Let’s have a look on the dimensions of Steem price action's moves:
After inertial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg is suppose to be retraced between 0.886 to 1.13 Fibonacci for a perfect bullish Shark and then the price action will be entered in potential reversal zone of this bullish Shark pattern, then we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of C to D leg, but after this bullish divergence if the candles sticks will be closed above 0.786 Fibonacci levels then it can also lead to the long term bullish move.
As per Fibonacci sequence method we can set our targets as below for mid term trade:
Buy between: $0.1171 to $0.1087
Sell between: $0.1247 to $0.1419
So this short trade has potential to produce upto 30% bullish move.
Regards,
Atif Akbar (moon333)
The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not intended to be investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic bullish Shark pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.
