The second largest cryptocurrency is moving within a pennant and now the priceline has hit the pennant support.
We have a 200 MA as firm support beneath the pennant's support.
The volume profile is also showing weak interest of traders at this point.
The RSI was already oversold and now turned bullish.
The MACD also has given weak bullish signals.
We have a formation of bullish butterfly pattern within a pennant with all perfect dimensions but last leg is little bit shorter that the required length.
The required leg is atleast 1.27 fibonacci but here on chart the C to D leg is retraced upto 1.255 fibonacci which can be ignored, however if the price action will take more drop then it can be reversed from the potential reversal zone of bullish butterfly between 1.27 to 1.618 fibonacci.
The targets are:
The buying can be placed here or between : $188.9 to $141.2
Sell between: $256.81 to $326.42
Regards,
Atif Akbar (moon333)
We have a 200 MA as firm support beneath the pennant's support.
The volume profile is also showing weak interest of traders at this point.
The RSI was already oversold and now turned bullish.
The MACD also has given weak bullish signals.
We have a formation of bullish butterfly pattern within a pennant with all perfect dimensions but last leg is little bit shorter that the required length.
The required leg is atleast 1.27 fibonacci but here on chart the C to D leg is retraced upto 1.255 fibonacci which can be ignored, however if the price action will take more drop then it can be reversed from the potential reversal zone of bullish butterfly between 1.27 to 1.618 fibonacci.
The targets are:
The buying can be placed here or between : $188.9 to $141.2
Sell between: $256.81 to $326.42
Regards,
Atif Akbar (moon333)