ninpo4snake
Long

Long opportunity for bat pattern completion - buy opportunity

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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We got very nice rally and now we are retesting previous highs. We are now sitting on potential reversal zone where we are probably rally up to 462$ area which would complete bat pattern .

Currently we are at around 50% of Fibonacci retracement where we can find previous resistant and support. Also, we have a Fibonacci extension from previous move up to 1.27 which all end at the same place - Bat pattern completion at 0.786, a support line and 1.27 extension of the previous move.

I don't know is this going to happen, but we got few indicators that are saying that we have a good chance it will. We were overbought, and we now came back to retest previous structure. If we get to 462$ area we would probably see some bearish divergence, overbought condition or even double top .

The first TG should be at previous high, and if we go higher, than we have a good chance to get up to the area which I was talking about.
Can I give you some constructive advice? Throw away RSI and don't be one of those jackasses that uses harmonic patterns before the fact.
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