BTCUSD forming a bullish BAT | A good short opportunity
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Sofar the priceline of Bitcoin / US Dollar cryptocurrency is following all dimensions of bullish BAT pattern and after forming a double top the drop upto 0.886 fibonacci is quite confirmed.
MACD is turning bearish and Stochastic has also given bear cross form oversold zone but we have one hurdle in drop and that is 100 simple moving average if the priceline hits this SMA and MACD and stochastic turn bullish again then the pattern can be invalidated and the price action can be bounced back but if the price action hits 100 moving average and all indicators remain bearish then the drop will be continued and as per BAT pattern the drop can be upto 0.886 Fibonacci, so if we want to place our buying orders in prior then we can place the buying orders from 0.618 to 0.886 fibonacci.
The PRZ area can be used as stop loss in case a complete candle stick closes above this potential reversal zone.
I have used the Fibonacci sequence to set the sell and buying targets.
Sell between: 10430.11 to 10276.57
Buy between: 10088.36 to 9924.57
Regards,
Atif Akbar (moon333)
MACD is turning bearish and Stochastic has also given bear cross form oversold zone but we have one hurdle in drop and that is 100 simple moving average if the priceline hits this SMA and MACD and stochastic turn bullish again then the pattern can be invalidated and the price action can be bounced back but if the price action hits 100 moving average and all indicators remain bearish then the drop will be continued and as per BAT pattern the drop can be upto 0.886 Fibonacci, so if we want to place our buying orders in prior then we can place the buying orders from 0.618 to 0.886 fibonacci.
The PRZ area can be used as stop loss in case a complete candle stick closes above this potential reversal zone.
I have used the Fibonacci sequence to set the sell and buying targets.
Sell between: 10430.11 to 10276.57
Buy between: 10088.36 to 9924.57
Regards,
Atif Akbar (moon333)
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