The crypto market is shaping up nicely this week and I'll be ready to capitalise on several price drops very shortly! Today I'm looking at BTC/USD on the 4 chart with two harmonic patterns forming at different price levels.
Blue, bullish butterfly.
The measurements for a valid butterfly pattern are detailed below.
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.24
X to D: 1.272
Black/Grey, bullish crab.
The measurements for a valid crab pattern are detailed below.
B: 0.382 - 0.618
C: 0.382 - 0.886
D: 2.618 - 3.618
Final X to D: 1.618
Right now price is dropping heavily towards the completion of the bullish butterfly at $3435, in this area I'll be looking to go long and take advantage of a jump in price.
I will more than likely buy Syscoin at the same time to maximise potential profit, you can check out this idea below.
Syscoin (Update): Trading Active
Depending on future movement we may see the bullish crab complete just below the previous high at $3000.
I'll be updating this idea as it progresses, I hope you all have an excellent weekend when it comes.
Click here to view my original post on TradingView.
Don't forget to upvote, resteem and follow me for in-depth market analysis and investing education.
