On Jul 9 2019 I posted this article where the BQX with Bitcoin pair was moving within a down channel and was expected to give upto 706% on long term, some other time I will post an update on this long term article as well coz it needs some more details for now it has formed another pattern which we will discuss today.
Indicators And Oscillators Are Begun To Turn Bearish:
Now after hitting this strong resistance of 200 SMA on upto 6 hour chart all indicators and oscillators are begun to turn bearish.
Relative strength index (RSI) is overbought and showing tendency to turn bearish and Stochastic has given bear cross which give us more confirmation of this tendency of oscillators in the meanwhile the moving average convergence divergence MACD indicator is also turned weak bullish from strong bullish and momentum indicator is giving signals that the momentum is being shifted from bulls to bears and soon these signals can be reflected upto day chart as well.
How Much The Price Acton Can Be dropped?
If all indicators will turn strong bearish then we can see a strong bearish move on day chart upto 0.886 Fibonacci level (88.6 percent) and from here the price action can take bullish divergence because here we have strong support of simple moving average with time period of 100.
The Harmonic Move The Most Strongest Bullish Signal:
If we see on short term 2 hour chart than we have received another bullish signal and that is the formation of bullish BAT pattern so far it is formed upto C leg and the formation of final leg is in process the dimensions of this pattern are driven as below:
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 almost projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and final (C to D) leg is suppose to be retraced between 0.786 to 0.886 Fibonacci for a perfect bullish BAT and then the price action will be entered in potential reversal zone of this bullish BAT pattern.
The Buying And Sell Targets:
As per this harmonic pattern the buying and sell targets should be:
Buy between: 0.00000410 to 0.00000360 sats
Sell between: 0.00000532 to 0.00000714 sats
So this very short term trade has potential to produce upto 98% gains.
What Should Be Our Stop Loss:
The potential reversal zone area can be used as stop loss in case of complete candle stick closes below this level.
I will be keep posting more potential trading ideas for educational purpose on different assets as soon as will receive any trading signals.
Indicators And Oscillators Are Begun To Turn Bearish:
Now after hitting this strong resistance of 200 SMA on upto 6 hour chart all indicators and oscillators are begun to turn bearish.
Relative strength index (RSI) is overbought and showing tendency to turn bearish and Stochastic has given bear cross which give us more confirmation of this tendency of oscillators in the meanwhile the moving average convergence divergence MACD indicator is also turned weak bullish from strong bullish and momentum indicator is giving signals that the momentum is being shifted from bulls to bears and soon these signals can be reflected upto day chart as well.
How Much The Price Acton Can Be dropped?
If all indicators will turn strong bearish then we can see a strong bearish move on day chart upto 0.886 Fibonacci level (88.6 percent) and from here the price action can take bullish divergence because here we have strong support of simple moving average with time period of 100.
The Harmonic Move The Most Strongest Bullish Signal:
If we see on short term 2 hour chart than we have received another bullish signal and that is the formation of bullish BAT pattern so far it is formed upto C leg and the formation of final leg is in process the dimensions of this pattern are driven as below:
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 almost projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and final (C to D) leg is suppose to be retraced between 0.786 to 0.886 Fibonacci for a perfect bullish BAT and then the price action will be entered in potential reversal zone of this bullish BAT pattern.
The Buying And Sell Targets:
As per this harmonic pattern the buying and sell targets should be:
Buy between: 0.00000410 to 0.00000360 sats
Sell between: 0.00000532 to 0.00000714 sats
So this very short term trade has potential to produce upto 98% gains.
What Should Be Our Stop Loss:
The potential reversal zone area can be used as stop loss in case of complete candle stick closes below this level.
I will be keep posting more potential trading ideas for educational purpose on different assets as soon as will receive any trading signals.
