ETHUSD - An Illegitimate Case for the Bullish Bat - 1 Hour TF
I enjoy the Butterfly, the Bat, and the Fib. We know how well these Patterns play out in Crypto, yet, I digress, more. Let's look at some quick recent price action through the lens of a Bullish Bat.
Closely monitoring a Cup and Handle on the Daily & 12 HOUR Chart (linked below), I am set to task at observing and validating price action to the upside.
This Bullish Bat, in the short term, will be an interesting look at retracement of this Bullish Bias.
Since this minor downtrend line has been breached, it does conveniently place the AB Leg (from the recent dip from $170 to $125.88) at the 23.65% Retracement level, and the first hurdle on an upward move. It should find support here now.
The XA Leg is also topped at the 38.2% Retracement upward, and the BC Leg back at the $125 area.
Bulls may give no pause after consolidation and continue on, but we'll observe here to see how it plays out.
Additional Details on the Cup and Handle with a bit more in-depth analysis that needn't be covered here, but may be of particular interest regarding the uptrend (see below).
Closely monitoring a Cup and Handle on the Daily & 12 HOUR Chart (linked below), I am set to task at observing and validating price action to the upside.
This Bullish Bat, in the short term, will be an interesting look at retracement of this Bullish Bias.
Since this minor downtrend line has been breached, it does conveniently place the AB Leg (from the recent dip from $170 to $125.88) at the 23.65% Retracement level, and the first hurdle on an upward move. It should find support here now.
The XA Leg is also topped at the 38.2% Retracement upward, and the BC Leg back at the $125 area.
Bulls may give no pause after consolidation and continue on, but we'll observe here to see how it plays out.
Additional Details on the Cup and Handle with a bit more in-depth analysis that needn't be covered here, but may be of particular interest regarding the uptrend (see below).
Comment:
Welp. So much for that
we'll see if the pattern holds and the Bulls apply pressure to the Shorts.
AB Leg Extension XB extended to Max Fib level (.50).