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BTCUSD formed bullish BAT | A good long opportunity
On short term 3 hour chart the leading cryptocurrency Bitcoin has formed a bullish BAT pattern and just hit the spike in potential reversal zone but there are chances that the BTC will give another change to catch it from the potential reversal zone of this pattern so we can wait and buy.
The Formation Of Harmonic Pattern:
Let’s take a look in to pattern’s dimensions to see how perfect this pattern is formed by the Bitcoin.
After completing the initial leg (X to A) the A to B leg is retraced between 0.382 to 0.50 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci and now the price action is moving in potential reversal zone of this bullish BAT and now we can expect bullish divergence at any time from this area.
Buying Method Using MACD And Stochastic For Secure Entry In Trade:
At this time on 3 hour chart the moving average convergence divergence (MACD) is strong bearish and Stochastic has given bear cross therefore we can wait for the price action to enter in buying zone and then wait for MACD to turn weak bearish and stochastic give bull cross then place our buying orders this way can be secure for buying.
The Targets:
The buying and sell targets according to harmonic BAT pattern should be:
Buy between: $9665.97 to $9620.44
Sell between: $9774.63 to $9932.51
Stop Loss:
The potential reversal zone of this pattern can be used as stop loss in case of complete price action closes below this level.
The Formation Of Harmonic Pattern:
Let’s take a look in to pattern’s dimensions to see how perfect this pattern is formed by the Bitcoin.
After completing the initial leg (X to A) the A to B leg is retraced between 0.382 to 0.50 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci and now the price action is moving in potential reversal zone of this bullish BAT and now we can expect bullish divergence at any time from this area.
Buying Method Using MACD And Stochastic For Secure Entry In Trade:
At this time on 3 hour chart the moving average convergence divergence (MACD) is strong bearish and Stochastic has given bear cross therefore we can wait for the price action to enter in buying zone and then wait for MACD to turn weak bearish and stochastic give bull cross then place our buying orders this way can be secure for buying.
The Targets:
The buying and sell targets according to harmonic BAT pattern should be:
Buy between: $9665.97 to $9620.44
Sell between: $9774.63 to $9932.51
Stop Loss:
The potential reversal zone of this pattern can be used as stop loss in case of complete price action closes below this level.
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