BASIC ATTENTION TOKEN/BAT - in BRAVE we trustNice rounding bottom on a daily. Possibility to unfold into the cup and handle. Bullish.
Btw one of the Grayscales coin in their list of potential trust fund.
Basicattentiontokendollar
BATUSDT formed big bullish Shark | Upto 144% move expectedHi fox hope you are well, here I have found another big profit potential trading idea and this time on long term 2 week chart after successful formation of bullish BAT battern the Basic attention token (BAT) has formed another bullish Shark pattern and entered in potential reversal zone to move up.
The Pattern:
Let’s dig the pattern deeper to see how perfect it has been formed.
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B Fibonacci projection area and last leg (C to D) is retraced between 0.886 to 1.13 Fibonacci and now entered in potential reversal zone. Even though the priceline has hit the spike beyong the PRZ level but now retraced back and entered in PRZ area again.
Buying And Sell Targets:
The buying and sell targets according to harmonic Shark pattern should be:
Buy between: $0.1492 to $0.1136
Sell between: $0.1931 to $0.2778
So this trade can produce upto 144% big profit.
Stop Loss:
The potential reversal zone area which is up to to $0.1136 can be used as stop loss in case of complete candle stick closes below this level.
Basic Attention Token | Be Ready For A Roller Coaster MoveHead & Shoulder pattern:
On daily chart the Basic attention token formed a Head and Shoulder pattern. This move was started on 18th December 2019 and now we can see that after the completion of this pattern the priceline has broken down the neckline and even dropped more down.
A death cross can lead the priceline down:
On the same daily chart 50 simple moving average formed a golden cross with the 200 simple moving average on 9th February 2020. After this golden cross the traders had expectations that the priceline of Basic attention token will start more powerful bullish rally. After this golden cross the BAT token has hit up to $0.3221 and after that the price line started dropping. Then after 14th of February up till so far we can see the priceline is bearish. Now the 50 simple moving average again started moving down to form the death cross with the 200 SMA. And today we can see that 50 simple moving average is touching the two hundred simple moving to cross down for the completion of this death cross. And this bear cross can lead the pipeline again more down.
Bullish Shark formation can again lead the BAT token to drop again:
There is another very strong indication being appeared signaling towards bearish move. And that is the priceline is likely to complete a bullish Shark pattern. We can observe that the initial leg was started on 13th March 2020 and after the completion of first leg on 20th March 2020 price action is retraced between 0.382 to 0.618 Fibonacci level and this is the 1st confirmation of Shark. Then the priceline is projected between 1.13 to 1.618 Fibonacci projection of A to B leg and this is the second confirmation of bullish Shark. Now we can expect that the final leg will be formed as required for the bullish Shark pattern and the priceline is expected to be retraced between 0.886 upto 1.13 Fibonacci level. In this case we can expect the drop upto $0.0888 to $0.07. This area would be the potential reversal zone of this bullish Shark. And from this area we can expect a bullish divergence that can help to end up the bearish move that was caused by the Head and Shoulder formation and the death cross of 50 simple moving average with 200 SMA on daily chart.
On long term we are still bullish:
But if we see on the long term then this bearish move on daily chart will not affect the expected long-term bullish move of Basic attention token. If we see on weekly chart the basic attention token has formed a falling wedge pattern and it has already hit at the support of this wedge on the candlestick that was opened and closed on 9th March 2020. In case of the completion of bullish Shark pattern that is being formed on daily chart we can have another touch at the support of this wedge even we can expect is a spike beyond the support like we had on 9th March 2020. But it will be not possible for the price line to breakdown the support of this falling wedge because if we see the volume profile of the complete price action moving within this falling wedge then it can be clearly observed that the traders are not interested to trade below $.135 and the point of control level of volume profile is at $0.19. Therefore the price action can move up at anytime at least up to the POC level of this volume profile. And we cannot expect the breakdown of the support unless the trader’s interest would not be developed below the support of this pattern.
A very big bullish Shark is still in play to produce bullish divergence soon:
And if we switch to 2 week chart then a very big bullish Shark pattern is still in play that I have already shared with you in my previous posts. According to this Shark pattern we are already moving in the potential reversal zone of is Shark pattern that has been formed on this 2 week chart. But if the price action will move upt $ 0.0888 to $ 0.07 for the completion of the smaller bullish Shark that is being formed on the daily chart then we can have only a spike beyond the potential reversal zone of this big shark that has been formed on the 2 week chart, Like we already have seen on the candlestick that was opened and closed on 2nd March 2020.
Conclusion:
On short term and midterm the Basic attention token can face bearish move upto $0.0888 to $0.07.
But on long term the BAT token will be still bullish unless the priceline will not break down the support of falling wedge that has been formed on weekly chart.
There is a trading opportunity to buy in BATUSDTechnical analysis:
. BasicAttentionToken/US Dollar is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 51.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (0.174 to 0.146). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (0.174)
Ending of entry zone (0.146)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons :
Take Profits:
TP1= @ 0.2200
TP2= @ 0.2700
TP3= @ 0.3145
TP4= @ 0.3640
TP5= @ 0.4530
TP6= @ 0.5300
TP7= @ 0.6660
TP8= @ 0.8010
TP9= @ 1.2385
TP10= Free
There is a trading opportunity to buy in BATUSDTechnical analysis:
. BasicAttentionToken/US Dollar is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 51.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (0.174 to 0.146). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (0.174)
Ending of entry zone (0.146)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons :
Take Profits:
TP1= @ 0.2200
TP2= @ 0.2700
TP3= @ 0.3145
TP4= @ 0.3640
TP5= @ 0.4530
TP6= @ 0.5300
TP7= @ 0.6660
TP8= @ 0.8010
TP9= @ 1.2385
TP10= Free
