$BAT - Looking at potential entry

BINANCE:BATBTC   Basic Attention Token / Bitcoin
$BAT has performed well recently even with BTC volatility and there are often rumors of the project being listed to Coinbase with Brian Armstrong personally showing interest in the project.

As we can see on the CMF , bullish pressure is starting to build again and it is currently resting on the EMA 200 on the 1HR chart. This has been tested two previous times and has held as solid support.

We have drifted just under the Ichimoku cloud and had a bearish TK Cross.

Stoch is currently not overbought or oversold.

This would be a riskier entry but if you set a stop-loss under the EMA 200, this could provide you with an entry into $BAT which has overall been performing well.

On the 4HR, things still look Bullish . Stoch is actually approaching oversold, we still have a Bullish TK setup and a lush green cloud of support.

The 1D is approaching overbought, but the candles have broken up and above the Ichimoku cloud which should act as a new support.

Overall, with the uncertainty of BTC in general, this is still a risky trade. $BAT is showing more Bullish signals than bearish in my opinion, but risk management and stop-losses should always be applied.

Conservative traders should always wait until confirmation of a trend or breakout before entering.
Comment: BAT broke the 200 EMA on the 1HR. A great example why stop-losses should be placed in case things do not go as expected.

It is currently oversold on all time-frames between 1 hour and 4 hour and is well out of the Bollinger Band on the 1 hour and about to step out on the 4 hour.

I would expect a bounce sometime soon as this does not seem to be driven by BTC volatility.

Again, conservative traders should wait for confirmation before entering a trade and stop-losses should be applied in case things continue to drop.


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