Cryptocurrencies

Technical analysis

BAT seen from the 1D time frame we can observe how the candlestick structure has formed an inverted SHS in the major figure as a sign of trend reversal, the current trend continues to be accumulation, however, we are very close to breaking this range in the medium term, currently the price has achieved upward momentum after reaching the demand zone located at 0.00002204 indicated within the chart by the black horizontal.

The price is finding resistance in the daily supply zone located at 0.00002596 where we could expect a retracement towards the price range between 0.00002414 – 0.00002331 before continuing towards our first target located at 0.00003661.

In conclusion, the best entry for this momentum is the range of 0.00002414 – 0.00002331 to reduce our stop loss and have a better R/R of this trade, however, we have to wait for the close of the daily candlestick to continue reading the price action.

CND seen from the 1D timing we can see how the price has escaped the bearish diagonal and has found support at 0.00000078 indicated inside the chart by the black horizontal, CND has a good profit margin forward where we have our first profit target located at 0.00000240, currently the price is in a good buy moment, the R/R is very good for this trade.

Strategy:

BAT: wait for a possible retracement towards 0.00002414 – 2331 as the price is forming an inverted SHS pattern in the minor figure that should give rise to a major impulse, my plan is to wait for a bearish candle closing with strong sales volume followed by another bearish candle that reaches the demand zone and draws a new HL for our entry, if the price closes above the supply zone, the plan will be similar, however, I will be watching for a possible flip of the supply zone for the entry.

CND: you are in your best buying moment, the plan is to follow the movement towards our profit target, in case I see something that shows the opposite, I will close this trade.

There are many other good opportunities, however, I will start with these two markets, the idea is to keep a constant update until our profit target is met or close the trade in case of any invalidation that I changed the direction of the price, the updates will be in the same timing of 1D, therefore, I will publish it once we have a major movement.

The technical analysis presented here only represents my personal opinion, I am not a financial advisor, always make your own analysis, and remember that trading is a high risk investment and the possibility of losing capital is always present.

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

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