I dont usally specialize in Butterfly Patterns, but i strangely noticed these patterns popping up from time to time at the BTC chart.
The first Bullish butterfly appeared in February and ended in around mid - April, where another Bullish started forming.
I tried recreating the first butterfly Pattern, to the one that is currently forming, to see where the price might ago.
The red trendline is touching 0.68 fibonacci line which is a strong support area. From there the price might spike to support around 9700-10000 USD area.
If the pattern is to fully finish, the price would retouch the 6k level. I dont think that is likely, as the support trendline would be very hard to break.
Cheers
The first Bullish butterfly appeared in February and ended in around mid - April, where another Bullish started forming.
I tried recreating the first butterfly Pattern, to the one that is currently forming, to see where the price might ago.
The red trendline is touching 0.68 fibonacci line which is a strong support area. From there the price might spike to support around 9700-10000 USD area.
If the pattern is to fully finish, the price would retouch the 6k level. I dont think that is likely, as the support trendline would be very hard to break.
Cheers
Trade active:
The 2nd buy target is an ABC pattern, which completed ends at 1.27 (Price: 7500) level.