MagnusTradingGroup
Long

[ BITSTAMP ] - Bullish Bat

BITSTAMP:BTCUSD   Bitcoin / Dollar
7482 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
flibbles
2 years ago
Great chart.
+4 Reply
MagnusTradingGroup PRO flibbles
2 years ago
mucho appreciado :]
+2 Reply
Maddie
2 years ago
Wauw great analysis!
I hope that you're right!!
+3 Reply
MagnusTradingGroup PRO Maddie
2 years ago
Thank You ! :)
+1 Reply
MoonTrader
2 years ago
That is one beautiful-looking bat! Spot-on.
+2 Reply
MagnusTradingGroup PRO MoonTrader
2 years ago
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
BuyBitcoin.WS
2 years ago
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 BuyBitcoin.WS
2 years ago
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
MagnusTradingGroup PRO BuyBitcoin.WS
2 years ago
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
HerSerenity
2 years ago
So D is below X on market-leading exchanges, what now?
-2 Reply
ShortThePlanet HerSerenity
2 years ago
crash
-1 Reply
HerSerenity HerSerenity
2 years ago
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
MagnusTradingGroup PRO HerSerenity
2 years ago
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
2 years ago
Truth to that; I'll make sure to consider your first target as well if mine turns out to get broken.
+2 Reply
ShortThePlanet
2 years ago
how about my bearish bats? :P
Bats everywhere!
+1 Reply
MoonTrader
2 years ago
Does the cross above D make it a buy signal now?
+1 Reply
MagnusTradingGroup PRO MoonTrader
2 years ago
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
BuyBitcoin.WS
2 years ago
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
Anne24
2 years ago
Intriguing how accurate this played out :O
Reply
PaulAnthony Anne24
2 years ago
indeed
+1 Reply
BuyBitcoin.WS
2 years ago
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
MagnusTradingGroup PRO BuyBitcoin.WS
2 years ago
more sideways seems likely. im experimenting with a little short atm but that's just me ^^
+2 Reply
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