HackneyCrypto

BAT-BTC Falling Wedge and waiting for breakout trade

BITTREX:BATBTC   Basic Attention Token / Bitcoin
BAT is trading above 300% down from ATH and 150% down from the recent high in 2018. This is a strong project with an excellent team that has already proven itself by releasing products to market according to their roadmap. #DYOR

From a TA perspective:
- Falling wedge pattern. Should breakout bullish to the upside. There was an attempted breakout on the 1st March backed up by good news (basicattentiontoken.org/twitch-support/) but this was a fake-out and the downtrend continued.
- BAT tends to move up/down quickly making it hard to see meaningful levels for Support & Resistance but I have marked these as black lines and green squares.
- Price has fallen below the 50 (green), 100 (blue) and 200 (red) EMA levels AND is in lower oversold levels on the RSI.
- RSI is currently flat as price falls which technically qualifies as a bullish diversion, but seems weak.

I will only enter the trade once we get a reversal confirmation. Be on the look out for:
- Price breaking the falling wedge
- Bullish diversion to strengthen
- LARGE increase in Volume as BAT has historically always pumped hard following consolidation when volume is high.
- Price to return back to the 50 EMA and treat it as support

Targets:
- Ultimately a return to the high in early 2018, intermediate resistance levels as drawn.

"Luck is what happens when preparation meets opportunity"
This is not financial advice. Always DYOR
Comments and ideas always welcomed below



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