Formation Of Harmonic Patterns:

On hourly chart after successful formation of harmonic Gartley pattern the world’s No:1 leading cryptocurrency Bitcoin is forming bullish BAT pattern and soon it will be entered in potential reversal zone and ready for bullish reversal soon.

This potential reversal zone should be used as stop loss in case of complete candle stick closes below this zone.

Let’s have a look at the dimensions of BTC price action's move:

After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.50 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B leg's Fibonacci projection (here at B to C leg I have ignored some extra spike coz all other legs are driven perfectly as required for BAT) and final (C to D) leg is suppose to be retraced between 0.786 to 0.886 Fibonacci for a perfect bullish BAT and then the price action will be entered in potential reversal zone of this bullish BAT pattern, then we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of A to D leg, but after this bullish divergence if the candles sticks will be closed above 0.786 Fibonacci levels then it can also lead to the long term bullish move.

The Buying And Sell Targets:

As per this harmonic pattern the buying and sell targets should be:

Buy between: $10159.2 to $10132.0

Sell between: $10224.1 to $10321.8 

So this very short term chart is a good long opportunity for bitcoin day traders.

What Should Be Our Stop Loss:

The potential reversal zone area can be used as stop loss in case of complete candle stick closes below this level.

I will be keep posting more potential trading ideas for educational purpose on different assets as soon as will receive any trading signals.