Hello there my friends!! I hope everyone is having an awesome time. 😀
Let us now get back to our daily dose of price market analysis.
For this section, I would like to discuss the recent price structure of BAT or Basic Attention Token against BTC.
For me personally, the fundamental ground of this token is quite good.
It has a solid platform that I use in a regular basis and so far didn't encounter any problems yet.
I also like the ad shield that works pretty well even in the popular platforms.
BUT we will now focus on the technical side and the price action itself.
This has a really interesting price structure and can be a good opportunity if traded wisely.
We are currently looking at the daily chart of the BAT against BTC.
As we can see in the chart, the support and restance area is very well placed and well respected by the market.
The trend is still on a ranging pattern but we still can take advantage of this structure.
They key thing here for the longs is to buy as close as possible to the support area in the 2,000 satoshi price area.
It can also be a good opportunity to short in the upper part of the range in the 3,500 satoshi area.
Whenever we enter and participate in the market, it is good for us to know what we are planning to do and to check what the market is willing to give us.
In this case, it is quite an advantage to have a disciplined plan in only trading the range and not treating it as a trending structure or in a momentum one.
It is also good to keep and eye on the MACD and RSI indicators that are already oversold.
This can indicate a higher probability that the price is already getting ready to turn and swing upwards.
The potential profit for this also can go upwards upto 60% if traded accordingly.
It is always important for us to have a plan when participating in the market.
And always have a proper risk management in place to prevent you from wiping out your whole account.
If you want some chart requests or want me to analyze some crypto or asset, just comment below and I will post it next.
Thanks!😃
Till next time guys and gals,
Cheers!! 😃
Disclaimer: This is not a financial advice and for educational purpose only.
#Investing #Trading #BAT BasicAttentionToken