BAT/BTC 4H Ichimoku analysis. Be careful trading this!
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BAT has just completed a full Elliot Wave pattern on the 4H, this in general means the end of a move (5 point wave), and as it's very far from the cloud it does seem quite overbought, this is confirmed by the RSI.
Usually, this means it's time for a consolidation phase or reversal at least for the short term. I did miss the move on BAT which happens, you can never catch all opportunities in a market, but people asked me to have a look at it so I thought it would be good to post this as it is at a reflection point.
Chasing is always a dangerous move, it just broke the 300EMA which is quite bullish, although other things point to it needing a breather. So if you wanna trade this be very careful and wait for confirmation of continuation!
BAT has just completed a full Elliot Wave pattern on the 4H, this in general means the end of a move (5 point wave), and as it's very far from the cloud it does seem quite overbought, this is confirmed by the RSI.
Usually, this means it's time for a consolidation phase or reversal at least for the short term. I did miss the move on BAT which happens, you can never catch all opportunities in a market, but people asked me to have a look at it so I thought it would be good to post this as it is at a reflection point.
Chasing is always a dangerous move, it just broke the 300EMA which is quite bullish, although other things point to it needing a breather. So if you wanna trade this be very careful and wait for confirmation of continuation!