Bitcoin: Ahead of August 1st
Well, August 1st is approaching and I'm putting forward one potential outcome following the changes to the bitcoin network.
Today we have BTC/USD on the 1h chart with a bearish BAMM (Bat Action Magnet Move) setup in combination with a bullish bat pattern.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I understand the BAMM theory will be relatively new to most traders, this style of trading simply focuses on a breakout of the B point.
A clear break and close below support at B would indicate further declines for bitcoin heading towards $1900 where we may see a short term recovery upon completion of the bat pattern .
Green area displays the profit zone.
Click here to view my original post on TradingView.
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