World's 367th ranked cryptocurrency out of more than 2300 cryptocurrencies Raiden Network (RDN) with BTC pair has formed bullish Shark pattern and entered in potential reversal zone and ready for bullish reversal soon.
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 RDN priceline's moves:
After inertial 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 (here I have ignored the extra spikes coz all other legs are perfectly driven as required for bullish Shark pattern) of A to B leg's Fibonacci projection and final (C to D) leg is retraced between 0.886 to 1.13 Fibonacci as perfectly required for bullish Shark and now the price action is floating 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 short term trade:
Buy between: 0.00001617 to 0.00001563 Sats
Sell between: 0.00001691 to 0.00001825 Sats
So this trade has potential to produce upto 16.5% gains.
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.
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