- Occurs when a trend temporarily reverses and then continue it's original course.
- In a bullish version XA leg is formed by a sharp price rise.
This is indeed a perfect BAT so far and the pattern states that CD (last leg) is about 88.6% fibo plus "ideally D should be 161.8% to 261.8% from BC, this give us a point of reversal (88.6% fibo) and a range (161.8% to 261.8%) but also states that D can't be lower than X or will invalidate the pattern.
So our range gets tighter, between 88.6% and 100% fibo, respectively 6690$ and 6560$ range. At this point we should look for reversal signals.
This is harmonics and they differ from classic TA, I don't like to mix them.
Classically analyzing BTC, we achieved 61.8% fibo and it's a healthy / bullish retrace, if holds we will go up, otherwise it's probable that we'll follow harmonics.
Historically BTC has been going down for 5 years in January, I'd expect an exception this year, but only development of PA (Price Action) can tell.
I drew a pink box on confluence / support zone that BTC might hold and bounce from - it has nothing to do with harmonics but classic TA.
- In a bullish version XA leg is formed by a sharp price rise.
This is indeed a perfect BAT so far and the pattern states that CD (last leg) is about 88.6% fibo plus "ideally D should be 161.8% to 261.8% from BC, this give us a point of reversal (88.6% fibo) and a range (161.8% to 261.8%) but also states that D can't be lower than X or will invalidate the pattern.
So our range gets tighter, between 88.6% and 100% fibo, respectively 6690$ and 6560$ range. At this point we should look for reversal signals.
This is harmonics and they differ from classic TA, I don't like to mix them.
Classically analyzing BTC, we achieved 61.8% fibo and it's a healthy / bullish retrace, if holds we will go up, otherwise it's probable that we'll follow harmonics.
Historically BTC has been going down for 5 years in January, I'd expect an exception this year, but only development of PA (Price Action) can tell.
I drew a pink box on confluence / support zone that BTC might hold and bounce from - it has nothing to do with harmonics but classic TA.
Comment:
2good2btrue... all aligning perfectly!
Comment:
PS: crossing 7700$ bullish Bat (harmonic) becomes invalid!
Comment:
Harmonic pattern got invalidated as we crossed the high 7850$ - won't be mad :)
Comment:
This pattern above on comments it's also a bullish Bat, but isn't the same, this one just got completed (on comments), the one updated on Tv got invalidated.
Same chart, but I've deleted the harmonic bullish bat pattern as we don't seem to play it, it's still valid, but now BTC bounced from the purple box as stated on previous update about classic TA.
BTC broke the drawn falling wedge and now the bull flag or descending channel on D, we are finding support above this trend line which makes it bullish and on 15min although unreliable TF we have bullish divergence, so aiming more up.
If we stale around 23.6% we will fail this and should dump as it will print a H&S pattern and it that case we'll activate bullish Bat pattern once again, we will dig for E which confluences more or less with harmonic pattern.
Right now support is 7200$ - 7250$ where there is EMA's confluence and fibs support, also PA.
Our target is 7650$ > 8500$ - if we take measurement as descending channel is 7650$, if measurement like a bull flag, it's 8500$.