the_batman
Short

LATE EXPLANATION FOR THIS CONSOLIDATION PATTERN (CLARIFIED)

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
As of late, there's been some kind of consolidation pattern on the bitcoin             chart. It looks like a lot of things (descending diagonal, triangle, descending triangle , measured move) but simultaneously doesn't quite "feel" like its any of them. The only thing that's for sure is that it's a consolidation formation (note the descending volume pattern).

I offer one simple explanation: the bat pattern . This pattern represents the re-testing of a critical support/resistance level. (In this case, we'd be looking at a re-test of 375-400/2300-2400.)

The blue horizontal lines show my calculated price reversal zone (aka resistance levels). This *appears* to be a textbook case: (1) the retracement/projection levels indicate that this is the "ideal bat" variant, (2) all points in the PRZ are tested in one swing, and then not really tested again.

The bat pattern is consistent with the descending triangle that sort of appears on some BTCUSD             charts.

(I'm not super familiar with the harmonic patterns . I don't trust this explanation and I don't trust this whole formation. Take this post with salt.)
As a point of additional note: there's another, much smaller bat formation that immediately follows this one (where X starts at D). That's pretty textbook too.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out