BATBTC Bullish Divergence|Falling Wedge| EMA Cross Bullish!
Hello Traders!
Today’s chart update will be on BATBTC, very similar to XRP’s chart which I posted a couple days ago. BAT’s had a falling wedge breakout which is in confluence with a potential bullish divergence. It needs to break major structural resistance to confirm the daily trend change…
Points to consider
- Visible Bullish Divergence
- Price testing major structural resistance
- Macro trend change
- EMA’s cross bullish
- Stochastics projecting upwards
- RSI respecting up trend
- VPVR showing increasing volume of transactions
- Volume overall increasing
BAT’s chart is looking extremely bullish as its forming a well-established bullish divergence where price makes consecutive lower lows whilst the RSI makes higher lows. A very key level for BAT to break is the current resistance it’s testing; this area is very strong as it is in confluence with the 1.414 Fibonacci Extension.
BAT needs to break current resistance as it will allow it to put in a new higher low, this will confirm the daily trend change which is extremely bullish!
The EMA’s have already crossed bullish and is supporting price coming into resistance, this is a very strong indicator for the bulls as the EMA’s have been giving BAT major resistance way back in early May 2019.
Stochastics is projecting upwards momentum; technically it can stay in this area for an extended period of time. The RSI is respecting it’s upwards trend, and mentioned earlier, it is clearly diverging from price, which further supports the bullish divergence.
The VPVR is showing increasing volume of transactions after structural resistance, if price sustains above resistance despite heavy volume of transactions, then this is considered to be another extremely bullish sign.
Volume itself is showing an increase after a long steady decline, this needs to sustain to confirm that the break is an actual break and not a fake out…
Overall, IMO this is a very good trade setup if and when BAT breaks this current resistance and puts in a new higher low, confirming the trend change…
What are your thoughts?
Will BAT test upper Fibonacci Extension levels? Or will price fake out and reject from current level?
Please leave a like and comment
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
Today’s chart update will be on BATBTC, very similar to XRP’s chart which I posted a couple days ago. BAT’s had a falling wedge breakout which is in confluence with a potential bullish divergence. It needs to break major structural resistance to confirm the daily trend change…
Points to consider
- Visible Bullish Divergence
- Price testing major structural resistance
- Macro trend change
- EMA’s cross bullish
- Stochastics projecting upwards
- RSI respecting up trend
- VPVR showing increasing volume of transactions
- Volume overall increasing
BAT’s chart is looking extremely bullish as its forming a well-established bullish divergence where price makes consecutive lower lows whilst the RSI makes higher lows. A very key level for BAT to break is the current resistance it’s testing; this area is very strong as it is in confluence with the 1.414 Fibonacci Extension.
BAT needs to break current resistance as it will allow it to put in a new higher low, this will confirm the daily trend change which is extremely bullish!
The EMA’s have already crossed bullish and is supporting price coming into resistance, this is a very strong indicator for the bulls as the EMA’s have been giving BAT major resistance way back in early May 2019.
Stochastics is projecting upwards momentum; technically it can stay in this area for an extended period of time. The RSI is respecting it’s upwards trend, and mentioned earlier, it is clearly diverging from price, which further supports the bullish divergence.
The VPVR is showing increasing volume of transactions after structural resistance, if price sustains above resistance despite heavy volume of transactions, then this is considered to be another extremely bullish sign.
Volume itself is showing an increase after a long steady decline, this needs to sustain to confirm that the break is an actual break and not a fake out…
Overall, IMO this is a very good trade setup if and when BAT breaks this current resistance and puts in a new higher low, confirming the trend change…
What are your thoughts?
Will BAT test upper Fibonacci Extension levels? Or will price fake out and reject from current level?
Please leave a like and comment
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
