Bitcoin has formed Butterfly on 4 day chart | Upto 59% potential
As in my previous chart of Bitcoin / US Dollar:
I said that if the price action will break down the PRZ area then it will form bullish butterfly on 4 day chart and now the price action has broken down the PRZ and entered in PRZ area of 4 day chart.
Now this PRZ area should be used as stop loss point in case of complete candle stick closes below this zone.
This time we have 200 simple moving average support within potential reversal zone and 100 SMA support below the potential reversal zone and incase of golden cross between the two moving averages a powerful bullish divergence can be triggered.
Volume profile is showing less interest of traders at PRZ area, but Stochastic did not give bull cross and MACD is strong bearish so for secure trade we should wait for MACD to turn weak bearish or for stochastic to give bull cross then take the long position.
I have used Fibonacci sequence to set the targets.
Buy between: 8166.12 to 7038.67
Sell between: 9058.05 to 11193.73
Regards,
Atif Akbar (moon333)
Now this PRZ area should be used as stop loss point in case of complete candle stick closes below this zone.
This time we have 200 simple moving average support within potential reversal zone and 100 SMA support below the potential reversal zone and incase of golden cross between the two moving averages a powerful bullish divergence can be triggered.
Volume profile is showing less interest of traders at PRZ area, but Stochastic did not give bull cross and MACD is strong bearish so for secure trade we should wait for MACD to turn weak bearish or for stochastic to give bull cross then take the long position.
I have used Fibonacci sequence to set the targets.
Buy between: 8166.12 to 7038.67
Sell between: 9058.05 to 11193.73
Regards,
Atif Akbar (moon333)
