I've been studying the price action structure on BAT and a few other coins lately. I will share my thoughts on those coins later today in a post, so follow me to be the first to know.
Using a high probability technical analysis method, I have been able to find a few criteria that mean that BAT would be breaking out soon.
Let's look at those criteria in this post.
So I am trading alts very conservatively currently. I hardly even take trades anymore because BTC is making big moves. I don't want to be caught up in the whiplash effect of Bitcoin's move upwards.
However, I have been able to decipher a few things on the BAT chart that mean a breakout is near.
Let's see those things on a chart.
BAT has really recovered all of its losses from Black Thursday back in March. It seems that this cryptocurrency is a super asset, and it shows.
Now ranging in the 0.16 to 0.18 USD range, BAT is following Bitcoin's moves. Which is my first reason for thinking in the breakout direction.
I have noticed that although BAT follows Bitcoin's moves a bit, it more often than not amplifies them. So a 1% move on BTC can be a 3% move on BAT, either up or down.
Next up is the volume that is incoming. And mind you, this is fresh volume from new traders who are joining the market. Suckers if you may. They're looking to 10x their money in a short while, and their fresh money will help the market a lot.
Fresh volume is always a good sign, because it means that a lot of people are getting interested in the cryptocurrency.
Whale Alert tells me that about 300,000 USD worth of BAT has found its way to Binance. This is fresh money as I mentioned earlier.
The usual daily trading volume of BAT on Binance is less than 2.5 million USD, so that's a great sign.
Also, just look at the chart. It has been in an uptrend since the middle of April, and hasn't stopped to catch its breath since. If this continues in the newer range, we could see BAT at $0.3 or $0.5 soon.
Thanks for reading.