ninjabenja
Short

Bearish Bat Pattern forming, Bitstamp 60m chart

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
85 0 0
As previously projected, price was not able to break the trend channel for a bullish reversal and we are now witnessing the decent to retest previous lows. The bat pattern has a D leg completion at .886 of the XA leg. This pattern usually has an extended CD leg which is a 1.27 extension of the AB - providing a favorable risk/reward entry.

PS. This is a BULLISH Batt pattern. Not a Bearish as the title indicates. :P
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