Bearish Bat Pattern on the Daily
This pattern will be valid at a touch of $298.32 on Stamp. If you front run your trades a few pips like I typically do, then the current level is sufficient to consider a short position. The Bearish Bat Pattern is a deep retest of resistance around the 'X' level. The 'B' point retracement should be between .382 and .50. The 'D' point reversal is observed at the .886 of the distance 'XA'. If a Bat Pattern fails it can sometimes morph into a Crab pattern, where 'D' exceeds 'X' to complete at 1.618 of 'XA'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.