[ADiamond]

On this hourly BTC/USD chart we see a bullish butterfly pattern completed (although the bullish reversal did not take place). A major previous support level of $11,680 was broken, and a closer look on the 15 minute chart...



Shows a bullish gartley pattern completed and a bullish reversal already taking place.

With Fib levels in place on the previous chart, Fib extension levels show a major area of confluence right around another major area of support, $12,825 - the 1.618 Fib Extension, or .382 Fib level on the previous chart.

RSI is showing the market is oversold and about to retest the 30. Should the bullish reversal trend continue and break/close above the $11,680 support level, I would look for entry on the next candle above that level on the hourly chart and it should go up to retest that $12,825 support zone.

Whether trading futures on the CME or BTC Spreads on Nadex, I'm very bullish for this potential $1150 swing.

Where do you stand?


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