Nailed supports precisely! Now what's next?
Updated
Hey guys. Quick post to let you know that I'm watching these moves closely. Neutral stance right now with longer term (months out) bull bias. Any dip below our supports in the chart above signifies and longer correction which could last weeks before we continue up. If we dip below our supports ( the red trendline and purple horizontal on the RSI), we'll end up back below the 20 cent mark and stay there for a few weeks.
This is a bull market, therefore, I am not expecting the longer term correction. But, it could happen. It is wise to keep some cash on hand for this scenario.
Our 200MA sits right above 20 cents right now. At the very least, we may kiss that one last time before sailing to new highs. But I am not even sure this will happen. These bulls are buying every dip. My only hesitation is lack of volume. Where is the volume on these move?
For these reasons, I remain neutral with bullish bias above our supports. I would turn slightly bearish below our support, with the understanding that the correction will be longer. But overall I would still be longer term bullish even below 20 cents. Dipping below 14 cents would cause me to become bearish longer term. The latter is the least likely scenario IMO.
Happy trading folks.
This is a bull market, therefore, I am not expecting the longer term correction. But, it could happen. It is wise to keep some cash on hand for this scenario.
Our 200MA sits right above 20 cents right now. At the very least, we may kiss that one last time before sailing to new highs. But I am not even sure this will happen. These bulls are buying every dip. My only hesitation is lack of volume. Where is the volume on these move?
For these reasons, I remain neutral with bullish bias above our supports. I would turn slightly bearish below our support, with the understanding that the correction will be longer. But overall I would still be longer term bullish even below 20 cents. Dipping below 14 cents would cause me to become bearish longer term. The latter is the least likely scenario IMO.
Happy trading folks.
Note
Greetings traders. You can see that support has broken down. Today we broke all the way down and hit the top of our downtrending channel from a few weeks ago. This is expected. The top of that channel coincides with support on our RSI chart (see below).If you are looking to trade this move, I would start accumulation here. Personally though, I am looking for a .20 cent price tag or below. We could even touch .18 cents before another bull run. BAT is at double discount values here. I will be buying in at .20 cents and then again at .19 cents. I am not counting on an .18 cent hit, but if we do get there, I will buy more. I will post a zoom out chart in the next day or two with longer term (weeks out) targets.
Happy trading folks!
Note
Here is another possibility:Note
Ok guys, buying can begin again! We could go down even further to 16 cents or less. Nevertheless, buy in should begin here. Congrats for you patience in allowing BAT to reach the price we expected. I will create a new trade open post soon:
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