Previously on Bitcoin:
Bitcoin raised from local low X (7300$) to the resistance A (fibonacci retracement 9100$). Chart pretty much played pong with the shown fibret lines: Bounced at point B (8300$), raised to C (8900$) and is now about to retest the 23.6% Fibret.
What will happen?
Bitcoin shows bearish momentum at both, MACD and Chart, and will retest the said Fibonacci very likely.
Scenario A: Bounce off and going bullish to retest the important resistance (red area).
Scenario B: Break the support -> going to point D and complete the Bat-Pattern.
The bat-pattern is a bullish movement, where the chart shows higher lows (D>X) and didn't formed a double top (C<A). After reaching point D, the chart will go up.
Buy-Zones and Stop Loss
Stop Loss : right under 0.236 FibRet
Buy Zone: Green support line, Point D
This is not a financial advice. If you got any questions, feel free to PM me. Chart and explanation for educational and analytical purpose.
Bitcoin raised from local low X (7300$) to the resistance A (fibonacci retracement 9100$). Chart pretty much played pong with the shown fibret lines: Bounced at point B (8300$), raised to C (8900$) and is now about to retest the 23.6% Fibret.
What will happen?
Bitcoin shows bearish momentum at both, MACD and Chart, and will retest the said Fibonacci very likely.
Scenario A: Bounce off and going bullish to retest the important resistance (red area).
Scenario B: Break the support -> going to point D and complete the Bat-Pattern.
The bat-pattern is a bullish movement, where the chart shows higher lows (D>X) and didn't formed a double top (C<A). After reaching point D, the chart will go up.
Buy-Zones and Stop Loss
Stop Loss : right under 0.236 FibRet
Buy Zone: Green support line, Point D
This is not a financial advice. If you got any questions, feel free to PM me. Chart and explanation for educational and analytical purpose.
Dagangan aktif:
Bitcoin did Scenario B so far like predicted.
Stop Loss got triggered, Buy Zone at Point D still legitimate! There is no sign for a reversal yet, so chances are good Bitcoin will reach my price target. Trying to update it at that area if I find a reversal there.
Remember in times people freaking out about going to under 8000$ again:
The Bat-pattern is a bullish movement pattern. If Bitcoin will fullfill this and reverse at point D, it's very likely that it goes up rapidly.
Stop Loss got triggered, Buy Zone at Point D still legitimate! There is no sign for a reversal yet, so chances are good Bitcoin will reach my price target. Trying to update it at that area if I find a reversal there.
Remember in times people freaking out about going to under 8000$ again:
The Bat-pattern is a bullish movement pattern. If Bitcoin will fullfill this and reverse at point D, it's very likely that it goes up rapidly.
Dagangan ditutup: sasaran tercapai:
the last nights low can be considered as the estimated point D. we finished the bat-pattern and should now see a upward trend.
With the stop loss at ~8200$ (right under the 0.236 Fib-Retracement) and a re-entry at ~7800$, could've made solid 5% on that trade just by spotting this pattern at an early stage (made this chart right after point C).
If you have any questions regarding harmonic pattern, stop loss and technical analysis, feel free to PM me :)
With the stop loss at ~8200$ (right under the 0.236 Fib-Retracement) and a re-entry at ~7800$, could've made solid 5% on that trade just by spotting this pattern at an early stage (made this chart right after point C).
If you have any questions regarding harmonic pattern, stop loss and technical analysis, feel free to PM me :)
