Hi folks, hope you are doing well. In my previous post on Cardano with Bitcoin pair we have seen that the ADA had completed the formation of bullish BAT pattern. This chart was based on 12 hour time period and as per Fibonacci sequence of BAT I predicted that the price action should move up from the potential reversal zone of this pattern to enter in the Fibonacci projection area of A to D leg from 0.382 to 0.786 Fib projection level.
Then we have witnessed that the price action moved up and entered in the target sell zone. This time the Cardano gave more than 20% profit for its traders on a short term 12 hour chart.
Before execution:
After execution:
A new harmonic BAT pattern:
This time again on 12 hour chart ADA has formed another harmonic bullish BAT pattern and entered in potential reversal zone. And giving another chance to earn more profits.
Let’s dig the pattern deeper to see how perfect it has been formed.
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 0.328 to 0.886 Fib of A to B Fibonacci projection area and last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci level.
Buying And Sell Targets:
The buying and sell targets according to harmonic BAT pattern and its Fibonacci sequence should be:
Buy between: 0.00000441 to 0.00000431 sats
Sell between: 0.00000465 to 0.00000501 sats
So this short term trade can has capacity to produce upto 16% profit.
Stop Loss:
The potential reversal zone area that is up to to 0.00000431 sats can be used as stop loss in case of complete candle stick opens and closes below this level.
Note: This idea is education purpose only and not intended to be investment advise, please seek a duly licensed professional and do you own research before any investment.