BAT Broke Above Symmetrical Triangle AND Temporary Trend Channel
Hello Everyone!
Tonight I want to share a coin I was eyeing up for a little bit.
A couple of days ago, I saw that BAT was in a symmetrical triangle depicted in orange. Last night it was able to break above the triangle. With the height of the triangle and where BAT broke out, price should eventually get up to $1.65.
Throughout this trade, we are looking for confirmation and signals of confluence that will keep providing us insight that BAT will have what it takes to finish this move.
After breaking out of the triangle at $1.15, price was able to confirm support on R4 and eventually R5, giving us a secure entry point, with a secure place to put our stop loss. Some things I've been looking at are also the Stochastic RSI. Throughout the span of the triangle, we were having bearish divergence as shown with the dotted white line. Today, we were able to break above it, showing good signs of strength.
Compounded with this, BAT was also beginning to form a trend channel in blue. Just recently, price action was able to break above this channel, and is now looking to confirm it for support. I'm thinking that it will likely hold the top of the blue channel as support, and the stochastic will stay horizontal before rising upward. Price action may then find some temporary resistance and then support at $1.40, but after that, there isn't much else stopping it from completing the move.
I've got my TP in for $1.60, even though the height of the triangle should bring it to $1.65. Throughout the trade, we can bring up our stop loss to ensure profits, but it is up to personal digression.
For now, I'm hoping that this trade can complete in a couple more days, while other coins that have broken above wedges, triangles, and pennants like SUPER, DOT, and MKR can still be trade-able.
I hope you guys enjoyed this little analysis. If you did, be sure to give it a like and subscribe. The other coins I mentioned should be a possible hint of what I've got coming next :)
(as long as they dont rise too much before I can get my hands on them).
Have a great night, and as always, be sure to do your own due diligence.
Tonight I want to share a coin I was eyeing up for a little bit.
A couple of days ago, I saw that BAT was in a symmetrical triangle depicted in orange. Last night it was able to break above the triangle. With the height of the triangle and where BAT broke out, price should eventually get up to $1.65.
Throughout this trade, we are looking for confirmation and signals of confluence that will keep providing us insight that BAT will have what it takes to finish this move.
After breaking out of the triangle at $1.15, price was able to confirm support on R4 and eventually R5, giving us a secure entry point, with a secure place to put our stop loss. Some things I've been looking at are also the Stochastic RSI. Throughout the span of the triangle, we were having bearish divergence as shown with the dotted white line. Today, we were able to break above it, showing good signs of strength.
Compounded with this, BAT was also beginning to form a trend channel in blue. Just recently, price action was able to break above this channel, and is now looking to confirm it for support. I'm thinking that it will likely hold the top of the blue channel as support, and the stochastic will stay horizontal before rising upward. Price action may then find some temporary resistance and then support at $1.40, but after that, there isn't much else stopping it from completing the move.
I've got my TP in for $1.60, even though the height of the triangle should bring it to $1.65. Throughout the trade, we can bring up our stop loss to ensure profits, but it is up to personal digression.
For now, I'm hoping that this trade can complete in a couple more days, while other coins that have broken above wedges, triangles, and pennants like SUPER, DOT, and MKR can still be trade-able.
I hope you guys enjoyed this little analysis. If you did, be sure to give it a like and subscribe. The other coins I mentioned should be a possible hint of what I've got coming next :)
(as long as they dont rise too much before I can get my hands on them).
Have a great night, and as always, be sure to do your own due diligence.