Hello and welcome to today's price action analysis. In this post, I'll be sharing the price action of BTC and BAT today, and what we might expect tomorrow.
I noticed that these analyses don't get very famous, because many people aren't active traders. I do have a post on my blog clearing this issue, and will giveaway the earnings on this post to anyone who can tell me the title of that post. That aside, let's get started.
In yesterday's analysis, there was a ton of fluff before the actual analysis. I've gotten rid of that today. So please enjoy the analysis, and consider leaving a tip and follow to help encourage me. Thanks.
$BTC
Above us a chart of BTC/USD perpetual inverse swap contracts on Bybit. Once again, I'll ask that anyone who is interested in learning what perpetual inverse swap contracts are should please leave a comment so that I can give my personal contact so I can explain it to you. Or leave a post request if you'd rather everyone get the benefits.
Ok. As I said in yesterday's post, I expected some more upside before we tank. And we got that upside, almost to 10k before tanking back to support at 9.2k levels. I personally believe that price would find confluence here, as this would be a basic S/R flip. The longer the price stays here, the more power we accumulate in order to move up to 10k and beyond.
However if this level fails to hold, I would be shorting the pair. I was able to grab a 10x short from the range high at 9.5k and close for a 25% profit in about an hour. I posted the trade in my brand new telegram group where I post trade setups. It's mostly for a few friends right now, but you could request to join. It's almost free, but the fee is tiny.
$BAT
Not much to say about BAT right now since BTC is still fucking around and making giant moves. The RSI on the BAT hourly is below 50, which is bad news for short term bias, and volume has been severely dwindling. Equally, price is below both the 10 and 20MA, a terrible thing to happen to any price chart. I suggest that you keep your hands off BAT right now, and accumulate some if you will for some profits when alt season hits.
Thanks for reading.
