ninjabenja
Short

Bearish Bat Pattern on the Daily

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This pattern will be valid at a touch of $298.32 on Stamp. If you front run your trades a few pips like I typically do, then the current level is sufficient to consider a short position. The Bearish Bat Pattern is a deep retest of resistance around the 'X' level. The 'B' point retracement should be between .382 and .50. The 'D' point reversal is observed at the .886 of the distance 'XA'. If a Bat Pattern fails it can sometimes morph into a Crab pattern , where 'D' exceeds 'X' to complete at 1.618 of 'XA'.
I agree with all you guys!

Given BTCs propensity to overshoot targets, thats what Im expecting, but for a risk reward setup of long 250s/60 with stop 230s, selling into your targets is the best idea (even if it ends up overshooting them...)

Good stuff as always NB
+2 Reply
Looks good buddy ;agree:
+3 Reply
Finally, a graph with a harmonic pattern! :D
Reply
You know it! I try to stick to the advanced patterns as much as possible. I forgot to publish my S/L T/P for this trade, so here it is. I would probably move stops down to $268 after hitting $263, then watch to see if we could get two targets with deeper move towards $255.
+3 Reply
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