Bullish Bat Pattern BTC 15min

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
With the recent rise, a bat pattern in bitcoin on the 15min has been forming. If it gets backs to the 30k level it looks to be a great pattern to look to trade. According to Scott Carney, harmonic trader, from harmonictrader.com, states the Bullish Bat pattern completes at the .886 XA retracement with in this case a complementary a 1.618ABCD extension in the PRZ.
Stops below X but usually at the .886 completion it should show signs of reversal. First profit target for Fibonacci harmonic patterns is usually the 38.2% retracement of the full pattern measurements, followed by second target at the 61.8% and third at top of pattern, and fourth would be a breakout above the pattern. You can bet usually the first two targets will get hit at the very least the 38.2% if the pattern shows it is following the pattern correctly. You can set and forget these patterns but it's best to wait and be an active trader to utilize full potential of these harmonic patterns . Especially once price shows signs of going against you and your in profit. Next to remember is this will be considered a Type 1 harmonic pattern if it does complete. Type 2 means the pattern hit the targets already and will give you a second chance retest to trade the same pattern or give you a second opportunity to jump in.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.