We've identified a classical bearish Bat harmonic pattern on the BTCUSD weekly chart, with the final leg in development. The pattern began forming in early 2021 and is approaching completion in late 2023, suggesting a potential reversal zone as we head into 2024.
Key Points:
The green curves below the price action suggest a bullish undertone, as they may represent long-term moving averages acting as dynamic support.
This harmonic pattern signals a potential reversal in the coming weeks. Traders should monitor the price action closely as it approaches point D for signs of bearish reversal before executing short positions. As always, please trade with proper risk management and consider the broader market context.
Key Points:
- X to A: Initiated the pattern with a strong bearish descent.
- A to B: The price retraced to 0.475 of the XA leg.
- B to C: Following a decline, we found support with a retracement at 0.414 of the AB leg.
- C to D: We're currently witnessing an ascent towards the potential reversal zone, with D expected at a 0.789 extension of the XA leg and a 2.636 extension of the BC leg.
The green curves below the price action suggest a bullish undertone, as they may represent long-term moving averages acting as dynamic support.
This harmonic pattern signals a potential reversal in the coming weeks. Traders should monitor the price action closely as it approaches point D for signs of bearish reversal before executing short positions. As always, please trade with proper risk management and consider the broader market context.
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