Price Analysis | BTC, ETH, BNB, BAT

By MadMaxx | Psycho Crypto | 9 Sep 2020


 

Hello and welcome to another article! In today's price analysis, I'll be looking at the price action for today on all the mentioned coins, as well as what can be expected of those coins tomorrow.

Let's get started!

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BTC looks very, very nasty. I could go ahead and call this bearish, and I'd be right.

It has never paid to be bearish at support, and that's where we are. I did short almost all bounces today, but that can only pay for so long.

Right now, BTC is in a no trade zone for me. There is the possibility of a breakdown, at which 9.6k would be the point of relevance.

9.6k because below that is where miners start to lose money. And they don't want that.

There's also a CME gap there, and a very strong support. It's safe to say that 9600 is a safe spot to keep some bids.

 

ETH

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ETH looks just like every other altcoin out there: Like a pile of garbage.

This is also in a no trade zone for me, and I'm not breaking that rule just yet. As we approach the resistance above, it would be a good idea to not consider shorting it, especially on the first trial.

Wait for a close above or below the resistance line, and then short or long. But for now, it makes no sense to chase shorts or longs.

 

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BNB is possibly the best looking alt out there. A picture perfect close above and retest of resistance, followed by a move up. This is how good it gets for such a purely technical move.

BNB is mostly being fueled by all the people who want to farm the new coin they're releasing in 8 days: BEL.

Binance couldn't resist the urge to get into the DeFi farming game, so they introduced a feature where you can farm BNB to get BEL. This is possibly the only catalyst drawing price up for BNB, and as such, it will be fully retraced in due time.

I wouldn't advise anyone long this right now, but look for shorts.

 

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BAT looks absolutely wonderful here. One of the few alts I have my eye on.

A perfect inverse head and shoulders pattern, with a downsloping neck line. The last time this pattern occured, BAT ran 23% in a day. We await a break of the neckline to present a prime long opportunity to the upside.

I wouldn't buy before the break however. The neckline must be broken to confirm the patterns validity.

 

The markets aren't very stable now, so I don't advise anyone trades yet. Just wait for the signals I have given here, and you should be well off.

Thanks for reading!

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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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