MagnusTradingGroup
Long

[ BITSTAMP ] - Bullish Bat

BITSTAMP:BTCUSD   Bitcoin / Dollar
7484 22 25
D has to stay above X (554.45) for this bullish bat to be valid.
Potential reverals zone (PRZ) is therefore between the X level and
the required minimum retracement of 0.886 of XA.

First target: 604 but it should go higher after a 25% retracement
Great chart.
+4 Reply
mucho appreciado :]
+2 Reply
Wauw great analysis!
I hope that you're right!!
+3 Reply
Thank You ! :)
+1 Reply
That is one beautiful-looking bat! Spot-on.
+2 Reply
would be textbook if we bounce right at the 0.886 level :D
If bulls mange to hold price above that level for one or two
consecutive 4h candles I'd say it's a buy :)
+1 Reply
So as long as were on or above 550 were good (where the X is)? If its broken then next stop is 505-520? thx
+1 Reply
MoonTrader BitcoinGuru
Sounds about right. Except I think X is 554.xx.

Is anyone else noticing how ridiculously oversold the Stoch RSI is on the daily?
+1 Reply
X level is marked by the blue dashed line and is at 554.45. you can and should look for some additional reversal candle patterns and other signals i.e from indicators.
to get some bear targets you can draw some fib extensions or watch some already existent fib levels. for example X is sitting right on the 0.382 retracement of the whole run up since April. it should hold : ]
snapshot
+3 Reply
So D is below X on market-leading exchanges, what now?
-2 Reply
ShortThePlanet HerSerenity
crash
-1 Reply
HerSerenity HerSerenity
Reasons for the downvotes? Huobi and OKCoin together (both below X) have 6 times the volume of Bitstamp+BTC-e, what's the problem? Yes, I'm a short-term bull as well but I simply doubt the validity of this bat as it's only working on less important exchanges' charts.
+1 Reply
you are right however this is not about an inter-exchange comparison. patterns wont often appear on all exchnages identically. this doesn't mean they are invalid
+1 Reply
HerSerenity MagnusTradingGroup
Truth to that; I'll make sure to consider your first target as well if mine turns out to get broken.
+2 Reply
how about my bearish bats? :P
Bats everywhere!
+1 Reply
Does the cross above D make it a buy signal now?
+1 Reply
it was a buy signal already when we started bouncing in the PRZ (potential reversal zone)
as of now, I'd let it settle down a bit and rebuy at 581-578
+1 Reply
great job and you were indeed right! so 604 is the first target where I will probably sell and rebuy on the retracement (lower) than not sure if we can reach 640 but I guess will see
+1 Reply
Intriguing how accurate this played out :O
Reply
indeed
+1 Reply
do you believe we are still heading up to 640? bulls are not able to break past 600 been a week.
I believe we will retest 555 again. What do u think?
+1 Reply
more sideways seems likely. im experimenting with a little short atm but that's just me ^^
+2 Reply
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