Bitcoin
Panjang

Long opportunity for bat pattern completion - buy opportunity

116
We got very nice rally and now we are retesting previous highs. We are now sitting on potential reversal zone where we are probably rally up to 462$ area which would complete bat pattern.

Currently we are at around 50% of Fibonacci retracement where we can find previous resistant and support. Also, we have a Fibonacci extension from previous move up to 1.27 which all end at the same place - Bat pattern completion at 0.786, a support line and 1.27 extension of the previous move.

I don't know is this going to happen, but we got few indicators that are saying that we have a good chance it will. We were overbought, and we now came back to retest previous structure. If we get to 462$ area we would probably see some bearish divergence, overbought condition or even double top.

The first TG should be at previous high, and if we go higher, than we have a good chance to get up to the area which I was talking about.

Penafian

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