Art_of_Trading

Bitcoin: Price Action & Bat Pattern

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
There was a strong bearish breakout (see long red bar) and then bounced back at the support level at 8927. It seems, the buyers step in and push the price up. Also, the previous sellers locked their profits, which gave additional buying power to BTC . In addition, the price formed a bat pattern which increases the probability of this setup to go long.
T1 – 38.2%
T2 – 61.8%
Comment: T1 - 38.2% was hit.
perfect. whats next?
Reply
@DoubleF, I will post a new BTC analysis later today. Thanks
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