Hey everyone, today I'm going to make my analysis on BAT and explain my point of view, so let's begin!
When we climbed, we were reaching a previous resistance (the bearish engulfing bar at 2 march 12-16h), if we watch closely, we had a long legged doji, which usually signals a top(depending on where its formed) (it's a bit subjective, may not be a doji, but the idea still maintains) , formed also a bearish harami, and now it's forming a bearish engulfing bar or a bearish harami, in the same area of resistance. From the candle of 8 march 4h, we can also conclude, that based on the close (broke through resistance and closed below it) , which is also a bearish signal. Strong signals that the market is turning.
According to my Fibonacci Analysis, I'm expecting a drop to the golden pocket (between 61.8 and 65) (4646-4670) which will serve as a temporary support, and will probably pump from there to 4924 (38.2 fib resistance , this is just a supposition if it indeed does pump in this temporary support).
If you guys watch closely, that fib of the short trade, has the 1.272 target right in my buy zone, which is an area where multiple fibonacci levels almost interlap, making this zone really powerful. This buy zone consist of 1 golden pocket, a 78.6 fib support level, and the 1.272 possible target (if the pump above occurs).
Buy zone: 4440-4486
When is the trade ready?
1) If now it forms the bearish engulfing bar or a bearish harami.
2) If it doesn't go above 5125.
You know what they say: If the public is very bullish, it means institutional are selling! Be prepared.
If you want to share your ideas , comment down below and like if you enjoyed this analysis.
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!
When we climbed, we were reaching a previous resistance (the bearish engulfing bar at 2 march 12-16h), if we watch closely, we had a long legged doji, which usually signals a top(depending on where its formed) (it's a bit subjective, may not be a doji, but the idea still maintains) , formed also a bearish harami, and now it's forming a bearish engulfing bar or a bearish harami, in the same area of resistance. From the candle of 8 march 4h, we can also conclude, that based on the close (broke through resistance and closed below it) , which is also a bearish signal. Strong signals that the market is turning.
According to my Fibonacci Analysis, I'm expecting a drop to the golden pocket (between 61.8 and 65) (4646-4670) which will serve as a temporary support, and will probably pump from there to 4924 (38.2 fib resistance , this is just a supposition if it indeed does pump in this temporary support).
If you guys watch closely, that fib of the short trade, has the 1.272 target right in my buy zone, which is an area where multiple fibonacci levels almost interlap, making this zone really powerful. This buy zone consist of 1 golden pocket, a 78.6 fib support level, and the 1.272 possible target (if the pump above occurs).
Buy zone: 4440-4486
When is the trade ready?
1) If now it forms the bearish engulfing bar or a bearish harami.
2) If it doesn't go above 5125.
You know what they say: If the public is very bullish, it means institutional are selling! Be prepared.
If you want to share your ideas , comment down below and like if you enjoyed this analysis.
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!