Cryptocurrencies

BAT/BTC technical analysis

BAT seen from the 1D time frame we can see how the price continues its decline after falling from the support located at 0.00002424 indicated within the graph by the red horizontal, the figure formed is that of a descending wedge, therefore, we should see a third touch on the support of the figure agreeing with the S/R FLIP located at 0.00002158 indicated inside the chart by the blue horizontal, if the price manages to hold that support we should have a next impulse towards the daily offer located at 0.00002872 indicated inside the chart by the green horizontal, followed by a brief correction towards the support located at 0.00002593 of the correction point (4), if we manage to stay above that level we will have a bullish continuation.

In conclusion, BAT is about to end this second correction wave, the price should fall towards 0.00002158 to form point (C) and start wave (3) of impulse, it is known that this wave is the longest of all, so taking into account the horizontal at 1W, we could reach the target gain located at 0.00005056 indicated inside the chart by the purple horizontal, my input will be in the S/R FLIP as we see inside the chart, placing my stop loss at 0.00001781 to avoid as much as possible any wick below that level without sacrificing our long position and maintaining an excellent R/R in that operation, therefore, I recommend to follow very closely the price action in 1D and always remember to place your stop losses to avoid possible invalidations during the movement.

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About the author: mrbullishsail
Technical Market Analyst Crypto trader

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