Butterfly Pattern Formation on Shiba Inu:
It starts with a bullish XA move. AB is then Bullish. BC is bearish, and CD is Bullish again.
XA: This can be any price activity on the chart. There is no specific price movement in Butterfly pattern.
AB: The AB move should be 78.6 % Fibonacci of XA.
BC: The BC move should finish between 38.2% and 88.6% Fibonacci of AB.
CD: The CD move will be the final part of the pattern and often extends forming 127%, 161.8% or 224% of AB extension.
The target price of the pattern can be 3 intermediate targets before the final target which are:
Target 1: point B swing.
Target 2: Point X swing.
Target 3: 161.8% of AB.
Target 4: 224% of AB.
Falling Wedge (Contracting or Symmetrical Triangle): When the top resistance is declining and bottom support is raising a contracting or symmetrical triangle is formed. In case of Shiba Inu we are waiting for the breakout of the current pattern.
Disclaimer: “The above is an idea only and not any kind of financial advice so please do your own DD (Due Diligence) before any kind of investment”.
If you like my TA & ideas!! Want to keep yourself updated with current market action,Please follow my profile for more analysis.
Thank You.
It starts with a bullish XA move. AB is then Bullish. BC is bearish, and CD is Bullish again.
XA: This can be any price activity on the chart. There is no specific price movement in Butterfly pattern.
AB: The AB move should be 78.6 % Fibonacci of XA.
BC: The BC move should finish between 38.2% and 88.6% Fibonacci of AB.
CD: The CD move will be the final part of the pattern and often extends forming 127%, 161.8% or 224% of AB extension.
The target price of the pattern can be 3 intermediate targets before the final target which are:
Target 1: point B swing.
Target 2: Point X swing.
Target 3: 161.8% of AB.
Target 4: 224% of AB.
Falling Wedge (Contracting or Symmetrical Triangle): When the top resistance is declining and bottom support is raising a contracting or symmetrical triangle is formed. In case of Shiba Inu we are waiting for the breakout of the current pattern.
Disclaimer: “The above is an idea only and not any kind of financial advice so please do your own DD (Due Diligence) before any kind of investment”.
If you like my TA & ideas!! Want to keep yourself updated with current market action,Please follow my profile for more analysis.
Thank You.