$BTC Potential Bearish Bat and Two Converging Trendlines?

Good evening ladies and gents. This is the one hour time frame, but we are showing bullish convergence at the moment. We are also showing two converging trend lines and are currently nearing the apex for a breakout. On top of that, if we break to the upside, we could look at a possible bearish bat in play. If we can ever reach the pcz of the bearish bat, their may be a good shorting opportunity there at .886. Time will tell, its just an idea for now. That being said, usually wave C is not the set up you'd take a position in. It would be in the PCZ, but you are nearing an apex for a breakout soon and are showing bullish convergence. So a long with a tighter stop wouldn't be all that risky atm. I'd be placing my stop under one of the wicks in the scruffed symmetrical triangle. The reason being for my tight stop there is simply because you would be breaking the triangle bearishly as well as breaking the accumulation we had going. That is usually a clear tale sign of further price action to the downside.

評論:

Breaking below the pattern can take us to critical support again. So be weary! This is why if you are long, I recommend a tight stop under the first or second bottom wick inside the Symmetrical triangle pattern. This is a Neutral pattern

評論:

Bearish Bat Pattern is ruled out, we have broken the symmetrical triangle to the downside. Measured move could take us all the way down to critical support if the bulls aren't strong enough