bmck1
Long

Big Bitcoin Bat?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Soo let me start this off with the standard comments and disclaimers :) I personally am not trading Bitcoin             at this time and am not advising anyone to enter any trades off the back of this post.All that aside, in going through some analysis on the chart there is an area of interest developing that if we were able to come down to, could provide some good opportunities for long entries.

After the accelerated move up to 20k at the end of last year we have seen a huge correction of late. IMO             , even without doing any chart analysis I think fundamentally BTCUSD             is still headed lower before it starts to really climb again, but when we go through the motions and start taking a closer look at the chart we can see that there might be some other technical hints to that end as well. On the H4 and D1 charts, there appears to be a potential bullish bat pattern currently in formation. The D point for entry is down around the 5k level, which I think in and of itself is an interesting place to be but then we can add in another Fib level, that being the 161.8% extension of the A-B leg, and we find it right down around the same level.

The traditional Bat pattern target 1 IF we get down there, would be around the 10k level which has its own significance already, and then a further T2 level around 14-15k - nice clean numbers which could be of some importance.

Anyways, as mentioned before, I am not a BTCUSD             trader, but just putting out a potential idea for anyone who might be looking to flesh out any of their existing analysis on this instrument. All that being said, watch BTCUSD             now just sky rocket and never come back to touch the 5k level again :D
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