On 4-hour chart, the price action of Bitcoin (BTC) is completing the final leg of bullish Butterfly pattern, soon it will be entered in a potential reversal zone. There is also 200 simple moving average support below the PRZ level.
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Buying And Sell Targets:
The buying and sell targets according to harmonic Butterfly pattern should be:
Potential reversal or buying zone: $ 17986 to $ 17538
Fibonacci projection or sell zone: $ 18333 to $ 19187
Stop Loss:
The potential reversal zone area that is up to $17538 can be used as stop loss in case of complete candlestick closes below this level.
Possible profit and loss ratio:
As per above targets this trade has a profit possibility of 9.4% and as per the above-mentioned stop loss, the loss possibility is 2.5%.
Note: Above idea is for educational purpose only.
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