BAT / USDT. Potentially Forming a Dragon Pattern.
BAT/USDT may be forming a Dragon Formation, provided that the price breaks the downtrend line (red line) and fixes above it.
If the price cannot overcome the downtrend line, then the downtrend will start with the target zone being the local low.
The points of observation are showed on the graph.
ENTRANCE
1) Entrance on a breakthrough or pullback after breaking a trend resistance line (red resistance line).
2) Entry from the previous price lows when confirming support, if in this situation the price can not overcome the downtrend line.
TARGET
1) If the price overcomes the trend resistance line and fixes above it, then the Dragon Formation will be confirmed.
The entire length of the "Dragon's tail" is the target zone of this figure.
The potential is from +19% (hump level) to +128% (head level).
2) If the price does not overcome the downtrend line, then after the downtrend, the entrance is from support (around. 0.145-0.15) the first target being the downtrend line.
Stop Loss
Under key support levels during your entry into the market.
I learnt this formation from "SpartaBTC"so if it works out, he deserves the credit.
If the price cannot overcome the downtrend line, then the downtrend will start with the target zone being the local low.
The points of observation are showed on the graph.
ENTRANCE
1) Entrance on a breakthrough or pullback after breaking a trend resistance line (red resistance line).
2) Entry from the previous price lows when confirming support, if in this situation the price can not overcome the downtrend line.
TARGET
1) If the price overcomes the trend resistance line and fixes above it, then the Dragon Formation will be confirmed.
The entire length of the "Dragon's tail" is the target zone of this figure.
The potential is from +19% (hump level) to +128% (head level).
2) If the price does not overcome the downtrend line, then after the downtrend, the entrance is from support (around. 0.145-0.15) the first target being the downtrend line.
Stop Loss
Under key support levels during your entry into the market.
I learnt this formation from "SpartaBTC"so if it works out, he deserves the credit.
Trade active
Trade closed: target reached:
Dragon Hump reached. I'm expecting a slight retrace as this is a strong resistance level, then I'll hopefully buy the dip.