Recently In Bitcoin's market we have seen the price action of EthLend has taken strong bullish divergence and made more than 168% bullish move in the meanwhile the price action was not giving any chance to traders to enter in trade coz for last 4 days every candle stick was closing at the shoulder of previous candle stick.
Now the price action has made some corrective move and giving a chance of trade on 2hr time period chart this time the price action of EthLend has formed bullish Crab pattern and entered in potential reversal zone and ready for next bullish move on this short term time period chart.
Lets have a look on the dimensions of EthLend's move:
After inertial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and final (C to D) leg is retraced between 1.27 to 1.618 Fibonacci as perfectly required for bullish Butterfly pattern and now the price action is moving in potential reversal zone of bullish Butterfly, now we can expect bullish move at any time which will lead the price action between 0.382 to 0.786 Fibonacci projection of A to D leg, but after this bullish divergence if the candles sticks will be closed above the 0.786 Fibonacci levels then it can also lead to the long term bull move.
As per Fibonacci sequence method we can set our targets as below for mid term trade:
Buy between: 0.0000023297 to 0.0000021000 sats
Sell between: 0.0000025076 to 0.0000029398 sats
So this short term 2hr time petiod chart's trade has potential to produce upto 33% bullish move.
Atif Akbar (moon333)
The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not intended to be investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic bullish Crab pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.