Hey Traders,
I spot a bearish bat XABCD formation on Bitcoin.
0.465 is within 38.2-50 AB leg and we just made BC leg of 0.873 AB retrace is exactly within limit of 88.6% of AB leg limit. We should see CD retrace between 88.6% of XA or .1618-2.618 extension of AB
Happy Trading,
Meteorite
I spot a bearish bat XABCD formation on Bitcoin.
0.465 is within 38.2-50 AB leg and we just made BC leg of 0.873 AB retrace is exactly within limit of 88.6% of AB leg limit. We should see CD retrace between 88.6% of XA or .1618-2.618 extension of AB
- After identifying the XA leg, we notice AB retracing 46.5% of XA, well within the 38.2% – 50% retracement level allowed for AB leg on Bearish Bat.
- BC leg then makes a sharp decline to round out an almost perfect 87.3% (within the limits of 88.6% of AB leg). This is the point I started to leverage long. I will average in some buys up to 8500.
- CD can retrace up to 1.618 – 2.618% extension of AB, so a put our Target 1 around point B and an optimistic Target 2 around point D with an 88.6% XA leg. That is about the highest it can get for Target 2 so be cautious and TP when you feel comfortable. Anywhere above $9,000 is safe.
- Place your stop losses either under A or under C depending on your desired exposure to risk.
Happy Trading,
Meteorite
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Keep an eye out for bear flags.