Formation of BAT pattern:
On short term 1-hour chart the price action of Bitcoin has formed bullish harmonic BAT pattern and entered in potential reversal zone. Before this the priceline also has formed a Bullish Shark and BAT patterns. The price action of leading cryptocurrency also has good support of a trend line.
Click here to create free account on tradingview to watch and play the chart on realtime
Buying And Sell Targets:
The buying and sell targets according to harmonic BAT pattern should be:
Buy between: $11329.36 to $11292.59
Sell between: $11419 to $11553.52
Stop Loss:
The potential reversal zone area that is up to $11292.59 or the trend line support can be used as stop loss in case of complete candle stick closes below this level.
Possible profit and loss ratio:
As per the above targets, this trade has the profit possibility of 2.3% and as per above mentioned stop loss, the loss possibility is 0.32%.
