Cryptocurrencies

BAT technical analysis

BAT seen from the temporality of 4H we can see how the previous candle has closed below the key support located at 0.00002387, the price has tried to make a pullback recovery, however, has not managed to test the zone correctly to confirm it as support, now the price could go in search of the demand zone at 4H located at 0.00002254, if you do not find enough strength to push up, increase the odds of a reversal into the next zone of demand located within the price range of 0.00002107 – 0.00002149 indicated in the chart above by a blue rectangle, in that zone of demand the price would be throwback us corresponding to the break of the major figure in 1D.

BAT seen from the temporality of 1D we can observe from a broader perspective the current movement of candles, we see how the price during its bearish movement was put into a parallel channel that was finally broken up during the closing of the weekly candle, the price after having found support at 0.00001614 achieved the necessary momentum to make the bullish movement that has achieved the recovery of the low range of the major figure located at 0.00002349, as I mentioned before, the price should make the reversal that tests the diagonal support of the parallel channel indicated in the chart by the dark blue diagonals, once the test is done correctly, we should have an upward impulse towards our first gain target located at 0.00002860 indicated in the chart by the black horizontal, our second target is located at 0.00003138, also indicated in the chart by a black horizontal.

In conclusion, the price action currently indicates a retracement, the first zone where it should find demand to follow its bullish movement is located within the price range of 0.00002107 – 0.00002149, if the price does not hold the support and confirms a much retracement May, then the price could fall to 0.00001800, even find strength in the previous support located at 0.00001614, it is still too early to determine with greater certainty the next short term move for BAT, an ABC pattern has been formed, we should have a similar retracement pattern or one of 5 waves, so I recommend to be very attentive to the action of the price in 1D, always use stop loss in your trades to avoid invalidations during the move.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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