BAT is bottomed out against BTC. RSI shows bullish divergence on 4H-8H charts. Expecting break-out. TP1 potentially at 0.000027-0.000029 zone, TP2 0.000034-0.000036 levels. SL at 0.000016 level. These are my personal views of potential price action. Please trade carefully!
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It looks pattern failed after BTC pump. Not stopped out yet, keeping this capital in BAT still. Expecting BTC consolidation and an alt round potentially and BAT can be a good candidate for a run.
Alright @drgorogbalazs , What does that means "RSI shows bullish divergence on 4H-8H charts" ??
Moreover the targets you are suggesting are short term or long??
Sorry but I'm a newbie and trying to understand charts :P
drgorogbalazs
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@Baidi, Hi and thank you for your comment. Sure, I am more than happy to point you in right direction and explain some - I am not a professional trader though so please keep this in mind:-) . 'RSI bullish divergence appears' in my understanding when there is a lower low or at least the same low price while RSI does not exactly follow this pattern - this is a bullish sign and personally I like to search for such sign when a currency bottoms already. As you can see on the chart Bat is bottoming (BATtoming:-)) nicely around these 0.00001800-0.00001900 levels while RSI does not follow now on the 4H and 8H chart (RSI at a later time point is higher then the previous one while the prices are equally low in the 2 timepoints). Good article to help is e.g. the following - stockcharts.com/school/doku.php?id=chart_school:technical_indicators:relative_strength_index_rsi
It does not necessarily mean that actually upward movement will happen very shortly (or will happen at all) - it is just that the probability to do an upward movement is higher - and I like this pattern when I see together with some others (e.g. in the current BATBTC relation: long bottoming and holding support - 10 day Moving average is close to 60-days average and might cross, close to Ichimoku cloud, the volume would need to rise but maybe something is breezing now (not on the chart but you can check volume indicator)). So these are driving me that there will be potentially a break-out shortly.
For the target - in crypto this can develop quickly - there may be a resistance at around 0.000023 levels however if this was broken next resistance I expect at 0.000027-0.000029. Price movement should be monitored at these levels. There can be a quick break-out flying to even the first target within hours - may be stopped at the resistance of 0.000023. The break-out I believe is close but can take for days ( I am not expecting that though).
I suggest to follow the bests such as @MarcPMarkets@EXCAVO@goldbug1@DLavrov @DianKemala and others as you wish. It is important to read/learn them - all have different strategies. Important to build up your own strategy, patterns you identify the most, looking at as many charts as you can. You need tons of patience, follow your strategy strictly, do not need to fear of missing out - the market always gives you opportunities. Do not bother if you miss a train and my important experience is that it is a hard sisyphus-like work going step-by-step smaller from higher. And only risk the money you are ready to lose and when it is lost you are able to leave the field:-).
These are my best advises in short:-). Thank you again for your comment.
Baidi
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@drgorogbalazs, Hey I am more then glad that you took time to help me and guide me and thats so kind of you.. Thank you so much and yes I do follow some of them and trying to learn by asking questions but I hardly get a reply that is why I am so happy that you replied to me. If I need more help I'll bother you again :P
Take good care of yourself.
drgorogbalazs
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@Baidi, Hi, sure, thanks - those folks are highly professionals and have huge audience so definitely they cannot take the time to respond to everyone - I suggest to do your own research as well - I realized it is very time consuming however it should be paying off in the end. Good luck and trade carefully!
Moreover the targets you are suggesting are short term or long??
Sorry but I'm a newbie and trying to understand charts :P