Price analysis: BTC, BAT, BNB and ETH

By MadMaxx | Psycho Crypto | 3 Aug 2020


Hello, and welcome to another article. In this article, I'll be going over the price action of BTC, BNB, BAT and ETH. This would be the third episode in this series, and I plan on doing it everyday from now on.

Before we get started, I'd like you to know that I do run a telegram group and have a full crypto technical analysis course on there. I charge a small fee for the course, but I believe it's really cheap compared to the value in the course. Please check out the telegram here. Thanks in advance.

Now, on to the charts.

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First off is Bitcoin. In the last two analyses, I said that a retest of the liquidity pool (marked in grey) would be important for any relevant continuation of the trend. Well, I'm glad to say we got the retest, albeit not perfectly. This was in line with a sweep of downside liquidity, as I covered in my explanation of the flash crash yesterday.

Essentially, price is still very bullish, and it's still buy the dip season. I (and my telegram group members) longed 10600, and are up a decent margin. I believe we begin trading at 12000 and above sooner than later. Once we close above the yellow line, it's over for any bearish biases.

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Next up is Ethereum, and it's the same story, except we never retested my liquidity pool. However, there was a perfect liquidity sweep of the yellow resistance level. That is the most beautiful SFP on a high time frame I've ever seen. 

Needless to say price is still very bullish overall. We have cleared 365 resistance, and are headed for the highs at 400 and above. A close above 400, and ETH teleports to $600. There's really nothing much to see here. BUY THE ETH DIP.

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Next up is BNB. Binance coin is looking rather weak, after multiple failures to close above the resistance level(marked in yellow). The liquidity pool supply may be depleting though, as we've seen multiple closes within the level. A rejection of this level, and a close below the grey area may see price revisiting $18 in the nearer future.

The price is bullish-neutral on the higher time frame. I'd like to see a close above that yellow line for a continued motion upwards to $23, and hopefully $30 soon.

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Last up is BAT. And boy does BAT look bearish as ever. I outlined in my analysis a few days ago that BAT lost its uptrend line, but it might have been a range deviation. However, I was very false.

BAT looks like it may fully break down any time soon, and I'm still short on its USD pair. My bias on BAT would not flip to be bullish until we have either formed a higher low, or closed back above that trendline.

That said, BAT is a minor cryptocurrency by daily volume, and that seems to be affecting it negatively. BAT is bearish until further notice.

I hope you gained something from this analysis. If you did, a follow and tip would be massively appreciated.

Thanks for reading, and don't forget to join my telegram here!

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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