A bearish butterfly harmonic pattern forming on BTC?
The retrace touched the 78.6% fib level, so it may be forming a bearish harmonic butterfly pattern. C point can pull back between 38.2% to 88.6% fib level. I think if the pattern will form C may touch the 61.8% fib level on the green dynamic trendline. D point will be on the 161.8% ABA fib extension and 127% AXA...
I repost this idea due to the fact that may still be in place, LTC didn't break the C point above the 0.886 Fibonacci level so the Harmonic Pattern can still plays.
If it break below the X point the pattern will be validated.
Again, let's see how it plays.
Safe trade guys!
In the range included in the green box we may have the pivot point to get back to the uptrend.
This harmonic pattern will be valid only if we break the X point. If not it will be invalidated.
Let's see how it plays.