BTC Chainlink BAT Update

BTC Chainlink BAT Update


Hello Crypto Friends!

 

Another red day in the markets. With current price action i have revised my analysis. We can't always be 100% correct, however if u can cut your losses short and stick to your trading plan. You can be successful. 

BTC -

351665157-da4e1c81917d2b6a9d704ce5628fcc48db4b4c4c524ef48af02765c876c7c413.png

So many Bearish factors hitting BTC,

1. Plustoken scammers dumping (these guys need to be shot!! haha)

2. All stock markets selling off

3. Miners, some may be liquidating due to new mining difficulty, also the halving is near, so profitability will reduce until the price adjusts.

However i still think this is a massive opportunity. I have scaled in to a very low leverage long position, with a lot of leeway. 

I now have a new target low, at the 7200-7300 area. This lines up with the trend line that was hit on the $6400 low recently put in. It also lines up with a falling wedge bottom. Also the weekly 100 MA.

If we zoom in to the Daily -

351665157-9cd7c6c195793a75039eb1f0cc6be6bf4de54c56177f21868d783d2e6cf10533.png

We can see the RSI is heading down to the oversold line and is not far off it.

Also the Money flow is starting to taper upwards with price coming down. 

There is potentially a divergence on the MACD - not confirmed yet, will need a couple of days to see it.

 

4hr -

351665157-4dd9351c0c1caa17e0d06ac2d6deadd6b6aeb3fbfed1b0f5308b07e9563f679b.png

Potential divergence on the RSI and MFI. It looks like there will be a bounce from here. Not confirmed yet.

how high will it go, this is hard to say, but going on recent trend, i would be looking at the red line (100MA).

I imagine we might see this -

351665157-a72e3f38289e2988a745c768b3c088715dd5e743c29a1cc3e556a08875713e7e.png

But at this point it is very hard to judge or predict. 

 

Chainlink -

 

Oh Link Link Link. I have exited my position on Link, took a small loss but looking for another position.

On the Weekly -

351665157-d68d134c17c88bed718414ca60d7712a3b269ff70245b30b63658157119fedab.png

Currently being supported by the 13 SMA, however i don't expect this to hold. 

Daily -

351665157-d044b411d53a927c238b1c25be48b964689f7b64b48e9d6f816e297c6d0a5fd8.png

Chainlink has lost the trend line, it has also lost all fast moving averages. and is currently losing the 0.5 fib.

We have a potential bottoming area below. The .618 golden pocket lining up with the 100 and 200 MA's. I would expect consolidation here before starting a new uptrend.

If BTC gets a bounce, which looks likely with the divergences being printed, then maybe Chainlink will get a bounce very soon too, off the 0.5 fib.

Then when BTC falls to my target of 7300, Chainlink might push down to the .618 fib. 

4hr-

351665157-85cd6072243c6472d891b654ca77fb5bad6dfb99054fa2fbc0d24ed8c655b4d1.png

Potential Divergence on RSI and MFI. In a falling channel. Might get a retest off the top of the channel before falling to the 618 fib. Potential short trade into a long position.

Lets see how this plays out in the short term.

 

BAT

351665157-0c8d9ecaae6b7c9d8b5c92b2a4694d3edb9b7092d93e48480763dcb5aa9b415e.png

Currently testing weekly trend line support, hoping to see a new higher low put in.

 

Daily-

351665157-7f13dc74186a0e00e530de5d59656c696d52734361d73e9c01963ec4c58bb66f.png

Retesting the low, just below the .786 fib. MFI is diverging and the MACD has potential to print divergence too.

 

4hr -

351665157-fa41b3dff5b0d817f8a40559d45350576c1dec186ebd3a786ab93c6ba766090b.png

As i said previously, i expected sideways consolidation in this area. Before breaking out of the wedge. Currently about to print big divergence on the RSI MFI and MACD.

A very nice accumulation zone. 

Hold on to your BATs!!!

Happy Trading!

 

 



Cryptocurrency trading tips and tricks
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