On the Wings of a Butterfly
Near term Bitcoin likely to get some wings - Bullish Butterfly with initial target around 41k. Description of chart below:
- yellow zone would complete butterfly harmonic, expect liftoff from there
- green zone is initial 1.618 target range
- red horizontal line is 3 standard dev. under the displacement of the proportional differences between 9 day s.m.a and price vs. 9 day s.m.a and 20 day s.m.a which is acting as a local over-extension to the down side relative to recent peak around 48k
- down-sloping green line is channel support that it recently fell out of - this is the channel that began end of march
- orange horizontal line is an old price support level
Lets see if the momentum from a leg up off this pattern can get it back above that support - if so I can see it continuing to around 50k before the inevitable drop to complete the bigger bullish harmonic at the weekly level.
Not Financial Advice.
- yellow zone would complete butterfly harmonic, expect liftoff from there
- green zone is initial 1.618 target range
- red horizontal line is 3 standard dev. under the displacement of the proportional differences between 9 day s.m.a and price vs. 9 day s.m.a and 20 day s.m.a which is acting as a local over-extension to the down side relative to recent peak around 48k
- down-sloping green line is channel support that it recently fell out of - this is the channel that began end of march
- orange horizontal line is an old price support level
Lets see if the momentum from a leg up off this pattern can get it back above that support - if so I can see it continuing to around 50k before the inevitable drop to complete the bigger bullish harmonic at the weekly level.
Not Financial Advice.
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