Hello Crypto Friends!!
I thought i would update you on my thoughts with the current price action.
Yesterday i posted this -
Now, lets look at what has happened -
So, it seems the wedge has broken, i am looking for some volume to come in as confirmation, but there is time for that to happen as the current candle is only half way though the 4 hrs.
The neckline of the H+S is yet to be tested/broken. We can see if it does, the 4 HR 200SMA is right in that target area. Also the .236 fib.
So i think we might see this bounce to around $9500.
However, i have a sneaky suspicion that this is a small part in the big picture move-
A wedge within a wedge haha. Look where the target move comes to. The top of a larger wedge forming. From which is think we get more dump.
Which takes us to my target of $7700.
So don't get too excited if we get a nice bounce here.
This was yesterday.
So BAT has already broken the H+S and falling wedge. I think it will probably hit the target of $0.27. But i don't expect it to go any higher.
If BTC does what i am thinking it will. Then BAT will also drop from here. Lets go back to the weekly chart.
We could a test of the top, then a drop back to the upwards trending line, then back up and maybe finally breaking the ascending triangle.
So plenty of time to accumulate more BAT.
Oh boy oh boy, do i even need to analyse this beast coin? It just goes up. The end. haha -
So it is in a Megaphone pattern. It has now made a new ATH (all time high) and we are about to see price discovery. Hard to analyse or chart with no historical support resistance. Can only use fib extensions.
I imagine it will keep going up, but will most likely pullback when BTC does. If it comes down to that bottom trendline, this is a massive buy opportunity, with easy risk management, as your stop can be just below.
As you can see when it starts trending up, it loves to bounce off the 13 and 21 EMA's. So these are good buy areas if you are trading short term.
Fib extensions above. Could well see $5.40 before the pullback.