Cosmos (ATOM) Has Formed Bullish BAT Pattern A Good Long Opportunity On Short Term 4hr Chart

Cosmos (ATOM) Has Formed Bullish BAT Pattern A Good Long Opportunity On Short Term 4hr Chart

By moon333 | moon333 | 30 Dec 2019


Priceline of  world's 14th ranked cryptocurrency Cosmos (ATOM) has formed bullish BAT pattern and entered in potential reversal zone, even though the price action is turning bullish and move up from 0.786 projection of X to A (initial) leg but however we can buy even at 0.618 Fibonacci that can be also a good profit or we can also wait for price correction an try to catch it within the 0.786 to 0.886 PRZ area.

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

Lets have a look on the move of price action to see how perfect this pattern is driven:

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 Fibonacci projection area and last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci and now the price action is moving in potential reversal zone of this bullish BAT and now 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 if after this bullish divergence the candles sticks will be closed above the 0.786 Fibonacci projection area of A to D leg then it can also lead to the long term bullish move.

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As per Fibonacci sequence method we can set our targets as below:

 

Buy between: $4.296 to $4.233


Sell between: $4.446 to $4.671

 

So this very short term 4hr chart would be a good long oppotrunity

 

Regards,

Atif Akbar (moon333)

 

 

The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not an investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic BAT pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.


moon333
moon333

Hi, My name is Atif Akbar and I am trading charts author of all kind of assets


moon333
moon333

Hi my name is Atif Akbar and I am one of the top 3 authors of cryptocurrency trading charts as per tradingveiw I publish there with my username moon333 to verify you can visit: https://www.tradingview.com/markets/cryptocurrencies/ideas/ I also publish the charts of different other assets like forex, commodities, CFDs Stocks e.t.c. Here you will find perfect predictions on different trading assets.

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