Bitcoin 1h Analytics : Bearish Butterfly
Hey! Price of Bitcoin provided a new Sell signal: Bearish Butterfly Harmonic Pattern.
This is quite common pattern on the markets, and it appeared earlier this year in August.
Technically determined Take Profit (TP) zone located in 0.382-0.618 Fibonacci retracement area of CD.
SL above point D with a safe distance, as the price of Bitcoin loves to make long extensions.
Rarely this pattern ending with bigger drawdown, to about 0.236-0.0 zone or lower. But this is very uncommon for Bitcoin, so chances are considered low.
On the chart you can notice another Technical pattern — Rising Wedge. It's location in right wing and follow general idea of sell signal.
On indicators like MACD and RSI we can find Bearish Divergence, which indicates sell signal.
Even thought all facts on the top, there is a chances for Stop Loss triggering, so be careful and use affordable risk position.
Stay tuned and have a great weekend!
BR,
Artem Shevelev
This is quite common pattern on the markets, and it appeared earlier this year in August.
Technically determined Take Profit (TP) zone located in 0.382-0.618 Fibonacci retracement area of CD.
SL above point D with a safe distance, as the price of Bitcoin loves to make long extensions.
Rarely this pattern ending with bigger drawdown, to about 0.236-0.0 zone or lower. But this is very uncommon for Bitcoin, so chances are considered low.
On the chart you can notice another Technical pattern — Rising Wedge. It's location in right wing and follow general idea of sell signal.
On indicators like MACD and RSI we can find Bearish Divergence, which indicates sell signal.
Even thought all facts on the top, there is a chances for Stop Loss triggering, so be careful and use affordable risk position.
Stay tuned and have a great weekend!
BR,
Artem Shevelev
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