ZENUSDT formed bullish BAT | A good long opportunityAfter forming successful BAT pattern the price action has taken bullish divergence more than 10% the priceline of world's 66th ranked cryptocurrency Insolar Horizen (ZEN) has formed bullish BAT pattern and entered in potential reversal zone.
This PRZ area should be used as stop loss in case of complete candle stick closes below this zone.
Lets have a look on the move of price action to see how perfect this pattern is driven:
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 projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci and now the price action is moving in potential reversal zone of this bullish BAT and now we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of A to D leg , but if after this bullish divergence the candles sticks will be closed above the 0.786 Fibonacci projection area of A to D leg then it can also lead to the long term bullish move.
As per Fibonacci sequence method we can set our targets as below:
Buy between: $7.61280 to $7.53763
Sell between: $7.79212 to $8.06659
So this is a very short term 4hr based chart good long opportunity
Regards,
Atif Akbar (moon333)
The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not an investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic BAT pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.
