We see here BAT in a bearish momentum since weeks, but here it broke the Divergence line from previous ATH and rocketed with good volume, this maybe be the change of a trend.
3 possible views:
PATH 1: The more optimisstic one. We got good volume and the price is holding well. It touched the 1st fibonnaci level but for now, if keeps this way, will face the strong resistance level above in short time. Hard to break it, but if does, will skyrocket. My chances are 20%
PATH 2: The bullish trend. The chart will bounce to 2nd resistance level and maybe we see the break of the trendline, but I think will hold it and will keep rising price as the days pass. But the resistance zone is hard, but if mantains will hold the price with the upper trendline or will create another, but close to the resistance zone . Chances 35%.
PATH 3: The bearish trend. This is the logical one. Yes, the divergence broke but the below trendline (resistance below) and the upper channel stays in a downline trend. It will touch the resistance above, but will fall to atleast 3rd zone of fibonnaci. Chances of 55%
Im not optimistic with BAT, but we need to be realistics. Comes from a long bearish momentum that it doesnt seem to stop, we maybe see some light if PATH 1 appear but the general market is going downwards.
Thank you.
3 possible views:
PATH 1: The more optimisstic one. We got good volume and the price is holding well. It touched the 1st fibonnaci level but for now, if keeps this way, will face the strong resistance level above in short time. Hard to break it, but if does, will skyrocket. My chances are 20%
PATH 2: The bullish trend. The chart will bounce to 2nd resistance level and maybe we see the break of the trendline, but I think will hold it and will keep rising price as the days pass. But the resistance zone is hard, but if mantains will hold the price with the upper trendline or will create another, but close to the resistance zone . Chances 35%.
PATH 3: The bearish trend. This is the logical one. Yes, the divergence broke but the below trendline (resistance below) and the upper channel stays in a downline trend. It will touch the resistance above, but will fall to atleast 3rd zone of fibonnaci. Chances of 55%
Im not optimistic with BAT, but we need to be realistics. Comes from a long bearish momentum that it doesnt seem to stop, we maybe see some light if PATH 1 appear but the general market is going downwards.
Thank you.