Hello and welcome to another price action analysis. I will be looking at Bitcoin and BAT in this analysis today. I'll basically be looking at price action over the space of 18 hours today, but I won't be trying to predict tomorrow's prices because this is the weekend, and false moves happen during the weekend. I would equally be sharing the trades I took and whether or not I took a loss or gain in the trades. I hope this will help in journalling for those who wish to paper trade.
Let's get started.
$BTC
Below is a BTC chart showing price action using candlesticks. Each candle represents an hour of trading. This is a perpetual inverse swaps futures contract chart from Bybit. Again, I ask nicely that anyone who wishes to learn what swap contracts are should let me know in the comments.
Price action formed a double top on this chart, which is very evident. I longed on the neck line of the formation, with my stop at the range low. I used 10x leverage because I was skeptical of the direction of breakout. However, it was up, and I took off 70% of my profits at the exact high of the big green candle.(I still don't know how I caught the exact top, but I somehow did)
I'm still in this trade and have moved stops up to profit. Will update how that plays out in tomorrow's post.
However, I am up 42% on my account today, which is amazing. Should the other position get stopped out, I will be up an aggregate 50% on my whole account (I technically risk my whole account in a trade, which is not advisable to anyone anywhere)
I said I won't predict price movement, but I'll just leave this here. If price continues what it's doing right now, we might clear 10k, and there's nothing standing between us and 10.2k then. Let's wait and see.
$BAT
I feel bad for this cryptocurrency, because with all of Bitcoin's moves lately, there really haven't been traders on this cryptocurrency. I will still post a chart though. Basically, you can grab profits by playing the range, although you must be quick and avoid takeouts or hope that rallies would happen.
i borrowed some BAT ok margin from Binance, and was able to successfully play two ranges today, while being stopped out on one. My aggregate profit on my account today sits at 5%, which isn't great, but it isn't bad either.
Thanks for reading guys. Come back tomorrow for another full analysis, and tell me down below which cryptocurrencies you want me to look at.
