2 BAT patterns forming on BTCUSD
Higher Time-Frame Analysis - Looking at the Daily Chart, off screen, there is a Bearish Trend however, most recently a falling channel structure and a bit of consolidation seen. At this stage i would only really be looking at consolidation patterns so cyphers, bats, butterflys, and gartleys.
Lower Time-Frame Analysis - Seeing the 4hrly chart only really shows the consolidation is holding and we aren't breaking out one way or the other. There are however two very nice BAT patterns to be seen. Interestingly the 'D' decompletion leg for both patterns is at an important level of structure, looking left. The larger of the two also has confluence in that the boundary of the falling wedge intersects this too. It will be interesting to see if we get a completion either way and we can look at staying in the existing consolidation wedge.
Any thoughts?
Lower Time-Frame Analysis - Seeing the 4hrly chart only really shows the consolidation is holding and we aren't breaking out one way or the other. There are however two very nice BAT patterns to be seen. Interestingly the 'D' decompletion leg for both patterns is at an important level of structure, looking left. The larger of the two also has confluence in that the boundary of the falling wedge intersects this too. It will be interesting to see if we get a completion either way and we can look at staying in the existing consolidation wedge.
Any thoughts?
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