Bitcoin - Bullish Bat Pattern Points to 44K
My analysis indicates that Bitcoin is meticulously forming a Bullish Bat Pattern, with a target between 42.5K and 44.3K.
XA Leg:
The X point begins the impulse wave at 38.55K on January 23rd.
The A point terminated at the ATH, 73.77K, on March 13th.
AB Leg:
The B point is at the 56.55K Low on April 30th. This price is slightly above the 0.5 retracement, the lower limit of the B wave.
BC Leg:
The C point cannot exceed the A point and should, preferably, not exceed the 0.887 retracement. The C point terminated at 71.97K, a few points shy of the 0.887 retracement, which is valid.
CD Leg:
The D point is the target. The D point can be calculated as the 0.887 retracement of the XA leg or as the 1.618 extension of the BC leg.
Target:
Between 44.35K, the 1.618 extension, and 42.5K, the 0.887 retracement of the XA leg.
Invalidation:
If the Price exceeds 73.77K.
XA Leg:
The X point begins the impulse wave at 38.55K on January 23rd.
The A point terminated at the ATH, 73.77K, on March 13th.
AB Leg:
The B point is at the 56.55K Low on April 30th. This price is slightly above the 0.5 retracement, the lower limit of the B wave.
BC Leg:
The C point cannot exceed the A point and should, preferably, not exceed the 0.887 retracement. The C point terminated at 71.97K, a few points shy of the 0.887 retracement, which is valid.
CD Leg:
The D point is the target. The D point can be calculated as the 0.887 retracement of the XA leg or as the 1.618 extension of the BC leg.
Target:
Between 44.35K, the 1.618 extension, and 42.5K, the 0.887 retracement of the XA leg.
Invalidation:
If the Price exceeds 73.77K.
