BTCUSD forming a S-H-S inside a bearish bat?? What to expect
BLCUSD just bounced back and has started to form an inverted SHS. Let's wait for the confirmation of this pattern, but what is more important, it could be in my opinion inside a bearish bat formation.
BTCUSD just bounced back at the 50.8% retracement between the relative maximum reached on January 6th at $17200 and the relative minimum reached on february 5th at $6000.
If the down trend continues and BTCUSD flips around inside the blue area corresponding with the 38.2% and the 88.6% retracements between the A-B bat leg it will confirm the formation and we should expect a raise till the bat D point around $15900 (target 1) OR a pull up till the $17800 that corresponds with the value of the SHS depth pivot line (target 2).
Good luck.
BTCUSD just bounced back at the 50.8% retracement between the relative maximum reached on January 6th at $17200 and the relative minimum reached on february 5th at $6000.
If the down trend continues and BTCUSD flips around inside the blue area corresponding with the 38.2% and the 88.6% retracements between the A-B bat leg it will confirm the formation and we should expect a raise till the bat D point around $15900 (target 1) OR a pull up till the $17800 that corresponds with the value of the SHS depth pivot line (target 2).
Good luck.