Is BAT About To Make A Surprise Breakout...?
I've done a bunch of charts on BATBTC, because I've found it pretty interesting to watch. In my previous analyses, I speculated why we wouldn't see much upside for this coin, even on the coinbase news. I held a position from 2700 to 4100, but sold because I became convinced that BATBTC was being confined to a range. This turned out to be true in the medium term, but it wasn't a great trade for me, since the coins I bought with the profits have since dumped, and BAT has stayed above 4100 (for now). Oh well.
Anyway, something interesting is happening. BATBTC has been in what appears to be an enormous bearish pennant since it came on the market. We are now nearing the overhead resistance of this pennant (in teal), in the 4400 area. I guess it also depends on where you draw your lines, but it's hard not to cut wicks on this chart. If BAT can break out of the triangle with volume, we may test the supply zone in the 6000 area. This, of course would appear very different on the USD chart. After making a new low against the dollar, BAT has rallied back above its previous 16 cent support zone. This is very bullish, actually, and surprisingly so. This may be because it is now available on all Coinbase platforms, and it has begun to decouple a little bit. We also have more volume potential.
I personally don't see much long term utility with this token, but traders will be traders, and if BATBTC starts to break out here, many crypto enthusiasts will be confused as to why. In this analysis, I have stated the reasons why. Of course, we can fail hard again at the triangle resistance, or at the supply zone between 6000 and 7000. On the bearish end of things, we could just be forming the top of a right shoulder, as I talk about in my previous analysis. A breakdown from here can easily send us to new lows. Bullish and bearish targets are marked with X's on the chart.
This is not financial advice, nor am I a professional financial advisor. I'm not entering a trade here at this time. This is purely for fun and speculative purposes.
Previous BAT analysis:
First BAT analysis:
-Victor Cobra
Anyway, something interesting is happening. BATBTC has been in what appears to be an enormous bearish pennant since it came on the market. We are now nearing the overhead resistance of this pennant (in teal), in the 4400 area. I guess it also depends on where you draw your lines, but it's hard not to cut wicks on this chart. If BAT can break out of the triangle with volume, we may test the supply zone in the 6000 area. This, of course would appear very different on the USD chart. After making a new low against the dollar, BAT has rallied back above its previous 16 cent support zone. This is very bullish, actually, and surprisingly so. This may be because it is now available on all Coinbase platforms, and it has begun to decouple a little bit. We also have more volume potential.
I personally don't see much long term utility with this token, but traders will be traders, and if BATBTC starts to break out here, many crypto enthusiasts will be confused as to why. In this analysis, I have stated the reasons why. Of course, we can fail hard again at the triangle resistance, or at the supply zone between 6000 and 7000. On the bearish end of things, we could just be forming the top of a right shoulder, as I talk about in my previous analysis. A breakdown from here can easily send us to new lows. Bullish and bearish targets are marked with X's on the chart.
This is not financial advice, nor am I a professional financial advisor. I'm not entering a trade here at this time. This is purely for fun and speculative purposes.
Previous BAT analysis:
First BAT analysis:
Comment:
Looking at the daily chart, we can see that people are buying here, expecting a push up through resistance. We are currently trying to make another attempt after getting rejected yesterday at 4400. This first rejection was expected. If we can't break out here, or especially on a third attempt, we'll likely tumble back to support. Let's see what happens!
Comment:
Looks like we've failed at resistance and may be headed back to the 3500-3600 support level. If that breaks...well...it's likely the head and shoulders will have played out, sending us down to new lows. As I've said, I won't be bullish on this coin until it breaks its trading range. This idea was really just for fun, since I thought we COULD see a nice breakout here. Unfortunately, this bear market is showing no signs of ending soon.
Comment:
We really want 3700-3800 to hold in order to avoid heading down to my second bearish target (the other red X). We hit my first target nicely, as you can see by the below chart:
Comment:
This chart is invalidated for now, as we have basically confirmed a breakdown of the support we've held since October. Further confirmation will be a slide below 3400. Our bearish target should be at the blue support, currently in the 2600-2700 zone. As I've mentioned in my previous analyses, BAT is long term bearish until it can break out above its supply zone. It has had zero price appreciation since coming on the market and (in my opinion) has very little utility that would drive increasing value. Perhaps if the bull market returns things will be different...at least in USD value.
