Another harmonic move:
Now this time on 2 day chart the price action of Moeda Loyalty Points (MDA) with Bitcoin pair has formed bullish harmonic Butterfly pattern.
Let's dig this pattern deeper to see how perfectly this pattern is driven:
Click here to visit tradingview for complete chart
The first leg was started from 5th Jan to 17 Jan 2020 and after that the next A to B leg is retraced between 0.618 to 0.786 Fibonacci levels, then B to C leg is moved up to the Fibonacci projection level between 0.382 to 0. 886 Fibonacci and that is the Fibonacci projection of A to B leg. Then C to D leg is retraced between 127 to 161.8 Fibonacci levels and now the formation of bullish Butterfly is completed here.
At this time the priceline is entered in the buying zone and we can place our buying orders in this area.
Buying And Sell Targets:
The buying and sell targets according to harmonic Gartley pattern should be:
Buy between: 0.00004565 to 0.00002310
Sell between: 0.00006313 to 0.00010569
This can be big profit opportunity for upto 357%.
Stop Loss:
The potential reversal zone area which is up to 0.00002310 sats can be used as stop loss in case of complete candle sticks closes below this level.
This idea is for long term and midterm traders, I will be keep posting more trading ideas.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
