Hi friends hope you are well, here I have found another profit potential trading idea for you and this time I have found a harmonic move by Ethereum (ETH). The Priceline of Ethereum has formed bullish Butterfly pattern and entered in potential reversal zone and ready for bullish reversal soon.
The initial leg was started from 16 Feb Up to 19 Feb then after this bullish move the price action started a correction rally and retraced between 0.618 to 0.786 Fibonacci levels then after having correction it moved up and projected between 0.382 to 0.886 Fibonacci projection of A to B leg after this projection move the price action started the formation of final leg that is C to D and this leg is retraced between 1.27 up to 1.618 Fibonacci levels as required for a perfect bullish butterfly pattern. Now from this potential reversal zone the price action is supposed to take the bullish divergence at least up to 0.382 to 0.786 Fibonacci projection of A to D leg. We have another very strong signal and that is the 100 simple moving average has entered in the potential reversal zone just beneath the priceline to provide a strong support.
Buying And Sell Targets:
The buying and sell targets according to harmonic Butterfly pattern should be:
Buy between: $223.50 to $206.08
Sell between: $236.99 to $269.43
So this is upto 30% profit opportunity
The potential reversal zone area which is up to $206.08 can be used as stop loss in case of complete candle stick closes below this level.