The Priceline of world's 110th ranked cryptocurrency Fetch.ai (FET) has formed bullish Shark pattern and entered in potential reversal zone and ready for bullish divergence at any time.
This potential reversal zone should be used as stop loss in case of complete candle stick closes below this zone.
Let’s have a look on the dimensions of FET price action's moves:
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's Fibonacci projection (there is little bit difference which i have ignored coz all other legs are driven perfectly as required for bullish Shark) and final (C to D) leg is retraced between 0.886 to 1.13 Fibonacci as required for perfect perfect bullish Shark and now we are entered in potential reversal zone of this bullish Shark pattern, now we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of C to D leg, but after this bullish divergence if the candles sticks will be closed above 0.786 Fibonacci levels then it can also lead to the long term bullish move.
As per Fibonacci sequence method we can set our targets as below for mid term trade:
Buy between: $0.04532 to $0.04252
Sell between: $0.04783 to $0.05344
So this mid term trade has potential to produce upto 25% bullish move.
Regards,
Atif Akbar (moon333)
The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not intended to be investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic bullish Shark pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.