Hey guys,
A short update on trading. I'm fighting chronic fatigue and may not be posting for a few days.
So as a new trader in the crypto world, I’m swing trading with small amounts of capital to learn which indicators I like the best and to create my overall strategy.
My February 5, 2020, introduction post highlighted my setup for trading BAT, “On a 4 Hour Chart, I have the range I'm looking for today highlighted with a green resistance line at .2646 to sell. My Brave Rewards BAT entry point was at .213 and .241. I'd like to increase my holdings with a reentry on a pullback to .20 or .21. I'm basing my set-up on support/resistance, Elliot Wave theory, and Fib retracements. In my opinion, the 1.272 (0.2646) is an estimate of a 5th wave completion. This is not financial advice but an idea to consider if you are holding or trading BAT.”
Since that time, BAT reached a top of .3210 and a rounded retrace top at .3199 before heading downward. My estimate was invalidated when Wave 5 extended and the price action broke the 1.272 Fib a typical area for wave 5.
Sell BAT at .30
The daily chart below shows the buy area .20 to .21. This range falls within the previous 3rd to 4th wave that is in the highlighted gray box. You may notice, I changed from the MACD indicator to MFI (Money Flow Indicator). I like MFI and it is very clear to watch the price movement on different time frames. I’ll cover more on comparing charts (BTC, ETH, XLM, BAT) in a future post. I hope to have more energy soon.
BAT USD Coinbase
Happy trading! 3rd Dog
I’m not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature and are therefore are unqualified to give investment recommendations. Always do your own research and consult with a licensed investment professional before investing. This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
p.s. When I first started learning and earning in the crypto world, I found links people shared to be very helpful. I hope these links will be helpful to you as well. It's a win-win situation for everyone participating.
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