#bitcoin forming Bearish #butterfly around 4H 20SMA resistance
Bitcoin is still moving sideways between the 61.8fib and 78.6fib regions.
However currently it is forming a bearish butterfly with D leg being a PRZ,
#BTC is facing resistance at 7536 from the 4h 20SMA,
If btc fails to break above this level, then it may indicated a short term reversal around the D leg of butterfly.
Intraday setup:
open short:7568
T1: 7385
T2: 7291
SL: 7637, Risk: 0.91%
R:R: 4
However currently it is forming a bearish butterfly with D leg being a PRZ,
#BTC is facing resistance at 7536 from the 4h 20SMA,
If btc fails to break above this level, then it may indicated a short term reversal around the D leg of butterfly.
Intraday setup:
open short:7568
T1: 7385
T2: 7291
SL: 7637, Risk: 0.91%
R:R: 4
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Target 1 achieved!!!
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Target achieved!!! 3.7% profit x leverage.
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If we get price reversal confirmations around the D leg the harmonic pattern(pink), then i'll suggest opening a long around the PRZ
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Updated on this article now:
SL trailed to break-even