Overnight, savvy traders saw the opportunity for a quick flip with BAT hovering at highly oversold territory. A big bounce off 0.27 burst through the Correction Channel convincingly and those who made a quick 20% in the span of a few hours will be locking in profits. Look for a brief selloff in the near term followed by some consolidation. Watch the price action for confirmation of strength to the upside. BAT has declined roughly 50% from its recent highs. As a result, the probability of further sell-off is declining and risk/reward is tipping toward the bull case. BTC continues its grind upwards as traders watch in disbelief. As the bear-clouds clear from the horizon and bulls take control, BAT will be the beneficiary of the Bitcoin tide rising all boats.
TLDR: Consolidation in near term through the weekend, followed by growing probability of more strength.
TLDR: Consolidation in near term through the weekend, followed by growing probability of more strength.
Comment:
As predicted, the consolidation continues into the beginning of the work week. Check my newest post for an update on BAT.