On daily chart, the price action of Bitcoin is completing the final leg of BAT pattern. The 25 SMA is holding the price action, once this support will be broken down then the BAT move will be confirmed. There is also 100 simple moving average support below the potential reversal zone.
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Buying And Sell Targets:
The buying and sell targets according to harmonic BAT pattern should be:
Potential reversal or buying zone: $ 17009.80 to $ 16639.88
Fibonacci projection or sell zone: $ 17882.40 to $ 19210.71
Stop Loss:
The potential reversal zone area that is up to $ 16639.88 can be used as stop loss in case of complete candlestick closes below this level.
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Possible profit and loss ratio:
As per above targets this trade has a profit possibility of 15.4% and as per the above-mentioned stop loss, the loss possibility is 2.2%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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