A formation of harmonic bullish Butterfly pattern:
This time on daily chart Basic Attention Token (BAT) with Bitcoin pair has formed bullish Butterfly pattern and entered in potential reversal zone and ready to move up at any time.
Even though after visiting the buying area the pricline of BAT has already hit 2 times in sell zone but MACD is still turning bullish therefore I am expecting that the price action of Basic attention token will again take powerful bullish divergence to enter in sell zone.
Let’s dig the pattern deeper to see how perfect it has been formed.
After initial leg (X to A) the A to B leg is retraced between 0.618 to 0.786 Fibonacci and then B to C leg is projected between 0.328 to 0.886 Fib of A to B Fibonacci projection area and last leg (C to D) is retraced between 01.27 to 01.618 Fibonacci and now entered in potential reversal zone.
Click here to visit tradingview to see complete chart
Buying And Sell Targets:
The buying and sell targets according to harmonic Butterfly pattern should be:
Buy between: 0.00002223 to 0.00002086 sats
Sell between: 0.00002329 to 0.00002587 sats
So this trade can has capacity to produce upto 24% good profit.
Stop Loss:
The potential reversal zone area that is up to to 0.00002086 sats can be used as stop loss in case of complete candle stick opens and closes below this level.
Note: This idea is education purpose only and not intended to be investment advise, please seek a duly licensed professional and do you own research before any investment.
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