MaidSafe: Bullish Butterfly
Lewis Glasgow | Dec 02, 2017 10:36PM ET
MAID/BTC has an interesting price structure on the 1h chart, with the D point of a bullish butterfly pattern aligning with the all time low.
The measurements for a valid butterfly pattern are detailed below.
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.24
X to D: 1.272
As mentioned the completion of this pattern aligns with the all time low for the asset, meaning it is a crucial area of support and a key area to buy at depression lows.
In addition a 1.13 A, B, C extension completes in the potential reversal zone further confirming this zone.
To further break down this pair from a technical perspective, here is my view on the currenct market structure.
I'll be waiting until the pattern completes before placing the trade.
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