So far, we've held above the blue triangle resistance fairly well, and we have closed our first weekly candle above it EVER! This is a very strong buy signal. I wouldn't be surprised if we broke out of the second triangle (in orange) and headed straight up towards 7000 and then onto 10000, which is a major long term resistance. That level is where BAT was initially dumped when it came on the market (you can see for yourself in this chart). From there, BAT would explore a new trading range and finally look against Bitcoin .
If BAT breaks above 10000, it will likely go parabolic. BATBTC has been ranging for a very long time, but we recently made a higher low, and have closed a weekly candle above a MAJOR long term resistance. This is significant. Of course, this idea will be invalidated if we break back into the blue triangle. That wouldn't be good. For now, there's no reason to assume this will break back down there, so my bias is up.
I did enter a short term trade last week (bought near 3800 and sold at 5000), but I do anticipate this to go much higher. I'm diversified enough at the moment and am happy with my porfolio, so I may sit this one out, even if it does break out, but we'll see how I'm feeling : )
That said, the buy setup I'd be looking at is as follows:
BUY now, with a stop loss below the blue triangle
BUY upon the break of the orange triangle - currenly between 5500 and 5600.
This is not financial advice, and I'm not a professional. This is my hobby, and I love analyzing this market. This is for educational purposes only.