16.12.2020 - Basic Attention Token (BAT / BTC)
Hi Traders!
Every Wednesday we offer you an analysis of a specific cryptocurrency so that you know in which direction its price can move. Today, however, we will do it a little differently and show you a concrete trade that Jakub entered on the Binance exchange. It will be a cryptocurrency pair BAT / BTC.
When entering the trade, we always pay attention to basic metrics. I like to trade breakouts, as in this situation, for example. BAT is in a falling wedge, which we classify as a reverse pattern. This means that it is the pattern that reverses the trend and the current one is downwards. Of course, these patterns do not always work 100%.
I placed stop loss below the current "low" and thus below the value of 1,061 satoshi. Stop loss is specifically at 1,054 and thus at the level of - 6.23%. This is a potential loss that I am willing to risk. If our analysis is correct, we should not fall below this value. As for the targets, in this case, I chose two - I placed the first at the value of 1,239 satoshi, ie 10.24% profit, and the second at the level of 1,325 satoshi, ie 17.99% profit.
Personally, I trade such cryptocurrencies in such a way that if the price reaches the level of the first target, I will shift the stop loss to the input value. As a result, we no longer risk anything in a given trade and can be relatively calm. Also, if we have two targets, then we must divide the order into two parts. For example, if we have 1,000 BAT, we will sell 500 on the first target and 500 on the second one.
This analysis does not represent financial advice. However, we think that once in a while it is appropriate to show a specific set of the trade.
May the crypto be with you!
Every Wednesday we offer you an analysis of a specific cryptocurrency so that you know in which direction its price can move. Today, however, we will do it a little differently and show you a concrete trade that Jakub entered on the Binance exchange. It will be a cryptocurrency pair BAT / BTC.
When entering the trade, we always pay attention to basic metrics. I like to trade breakouts, as in this situation, for example. BAT is in a falling wedge, which we classify as a reverse pattern. This means that it is the pattern that reverses the trend and the current one is downwards. Of course, these patterns do not always work 100%.
I placed stop loss below the current "low" and thus below the value of 1,061 satoshi. Stop loss is specifically at 1,054 and thus at the level of - 6.23%. This is a potential loss that I am willing to risk. If our analysis is correct, we should not fall below this value. As for the targets, in this case, I chose two - I placed the first at the value of 1,239 satoshi, ie 10.24% profit, and the second at the level of 1,325 satoshi, ie 17.99% profit.
Personally, I trade such cryptocurrencies in such a way that if the price reaches the level of the first target, I will shift the stop loss to the input value. As a result, we no longer risk anything in a given trade and can be relatively calm. Also, if we have two targets, then we must divide the order into two parts. For example, if we have 1,000 BAT, we will sell 500 on the first target and 500 on the second one.
This analysis does not represent financial advice. However, we think that once in a while it is appropriate to show a specific set of the trade.
May the crypto be with you!
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