Hello, Traders!
BAT has recently seen two formations. The first is a descending wedge, with the second being a descending triangle formation. From the descending wedge, BAT broke out positively. However, this led to the formation of the descending triangle as BAT had not finished its consolidation period.
There was a period of major losses followed by the current consolidation. The losses were preceded by an extraordinary move from $0.24USD towards $0.42USD. This resulted in BAT seeing almost a 100% increase in price, over the course of half a month. Before this BAT had seen nothing spectacular in comparison to the rest of the market, trading within a parallel channel before a sideways period, then the breakout.
Since the 2020 peak of BAT (which took place mid-August), BAT has fallen over 50%. BAT losing 0.73% a day, stretching over a 61 day period.
BAT is coming close towards a potential breakout. When evaluating the recent triangle, BAT has had its 5th EW in the triangle, meaning that a breakout is imminent. The direction of the breakout will affect whether BAT can regain its bullish status from earlier this year, or whether BAT would appear destined to return towards the lows of March.
Out of the two options, the cryptocurrency market alongside BAT appears to be leaning towards the bullish option, following the green arrow in a positive breakout.
In conclusion, the indicators are bearish. However, as BTC headed towards the end of its symmetrical triangle the indicators were highly inaccurate. Therefore the overall conclusion of the indicators is that they are inaccurate due to the low volatility as BAT reaches the end of its descending triangle.
Watch out for the price movements and consider the potential stop-losses.
BAT has recently seen two formations. The first is a descending wedge, with the second being a descending triangle formation. From the descending wedge, BAT broke out positively. However, this led to the formation of the descending triangle as BAT had not finished its consolidation period.
There was a period of major losses followed by the current consolidation. The losses were preceded by an extraordinary move from $0.24USD towards $0.42USD. This resulted in BAT seeing almost a 100% increase in price, over the course of half a month. Before this BAT had seen nothing spectacular in comparison to the rest of the market, trading within a parallel channel before a sideways period, then the breakout.
Since the 2020 peak of BAT (which took place mid-August), BAT has fallen over 50%. BAT losing 0.73% a day, stretching over a 61 day period.
BAT is coming close towards a potential breakout. When evaluating the recent triangle, BAT has had its 5th EW in the triangle, meaning that a breakout is imminent. The direction of the breakout will affect whether BAT can regain its bullish status from earlier this year, or whether BAT would appear destined to return towards the lows of March.
Out of the two options, the cryptocurrency market alongside BAT appears to be leaning towards the bullish option, following the green arrow in a positive breakout.
In conclusion, the indicators are bearish. However, as BTC headed towards the end of its symmetrical triangle the indicators were highly inaccurate. Therefore the overall conclusion of the indicators is that they are inaccurate due to the low volatility as BAT reaches the end of its descending triangle.
Watch out for the price movements and consider the potential stop-losses.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.