Well, August 1st is approaching and I'm putting forward one potential outcome following the changes to the bitcoin network.
Today we have BTC/USD on the 1h chart with a bearish BAMM (Bat Action Magnet Move) setup in combination with a bullish bat pattern.
The measurements for a valid bat pattern are detailed below. B: 0.382 - 0.50 C: 0.382 - 0.886 D: 1.618 - 2.618 Final X to D: 0.886
I understand the BAMM theory will be relatively new to most traders, this style of trading simply focuses on a breakout of the B point.
A clear break and close below support at B would indicate further declines for bitcoin heading towards $1900 where we may see a short term recovery upon completion of the bat pattern .
Green area displays the profit zone.
If we do see a sell-off I will be sure to keep everyone updated.
評論
⋅
I'm looking for a drop to $2620 short-term followed by a break of the lower trendline.
dear lewis, i see a rather bullish btc to 2800usd approx before a sharp price drop on 1st august.
LewisGlasgow
⋅
@ShyamProietto, nice! I'm watching this price structure on the 1h chart.
ShyamProietto
⋅
well 2620usd seems very very realistic. However what i'm banging my head at is that after all this bch price momentum, why didn't btc nor even alts be influenced by the price??? I was sure BCH holders would cash out into BTC then btc into alts and then fiat, but basically the money ended up no-where it seems
LewisGlasgow
⋅
@ShyamProietto, it was extremely underwhelming to say the least, this was mainly due to the fact that the event had already been priced into the market well in advance of August 1st.
A strange situation indeed.
CovidScamIsAnIQTest
⋅
@LewisGlasgow, a lot of people still could not deposit their BCH to exchange and sell it.
ChimbOt
⋅
Larger pattern here mate -
LewisGlasgow
⋅
@ChimbOt, very well spotted mate, I'll keep an eye on this! Although the full extent of the move seems unrealistic it does support a correction.
ChimbOt
⋅
@LewisGlasgow, Crypto is controlled by private group :D very easy, alot of dumb money and unregulated. its all about who you know :D
WE will see $1100
LewisGlasgow
⋅
@ChimbOt, trust me, I'd love to see it happen lol!
What has this chart got to do with the one above? Solid prediction though.
EdFranco
⋅
@LewisGlasgow, I regret having stumbled upon your predictions, Lewis, i should've trusted myself.