Hello, and welcome to another article. In this post, I'll be doing a full analysis of the recent price action on BTC, ETH and BAT. I'd also be giving trade ideas(that is, if you should buy and sell).
Do note that I teach technical analysis and run a signals group. Everything you see me talk about here is complete in my technical analysis course. You can join my telegram group here to get the course, as well as buy and sell signals on altcoins and cryptocurrency in general. I do charge a small fee for the services I render, but I guarantee you'd get your money's worth.
Now let's get into the post.
BTC is showing some extreme strength right now. It previously was stuck in a range, but was able to break free of that range with a $1000 candle, and some high volume as well. BTC currently sits above the resistance level, as well as a liquidity pool.(indicated in grey)
Here's what I expect from BTC:
I expect it to retrace a little bit into the grey area, and then give us a continuation. The RSI is already a bit over extended, and it seems due for a pull back anyway.
Unless buy back volume increases, I would be short here, with my first target around 10700, and then 10300. The monthly close comes in exactly 24 hours (gosh my accuracy), and if BTC closes above 10200, it's officially bull run season.
ETH finally broke free of its cancerous attachment to BTC. It led BTC in this bull run, and has started consolidating.
ETH is following the plan very nicely. It followed the up trend line, and has broken above the liquidity pool.(indicated in grey)
I expect a small pull back to test the remaining liquidity before a continuation upwards. Eventually, my targets would be $350 and $400.
So my trade idea for ETH is to short it to the liquidity pool. It's RSI is overbought and it looks like it needs a pull back to the pool to test for demand, before continuing upward.
BAT finally broke structure, and in a very bearish manner. My overall outlook on BAT has changed to be rather bearish, and given that BTC and ETH are making big moves, it's only certain that BAT would suffer the consequences.
BAT broke the uptrend line to the downside, and retested it as resistance (indicated by the arrow). I opened a short position there with one lot, and will add an extra lot on the close of today.
The RSI looks like it could be bringing a down move, and unless BAT breaks above the trendline, it's particularly bearish.
The trade idea for this is a short position.
I hope you enjoyed the article and gained something from it. Remember to check out my telegram group where I give signals and teach technical analysis here. Hit me up when you join the group, and let me know you're from Publish0x. There's something special for you!