BAT 4hr Trending and Tracking!
BAT on the 4HR.
Technicals:
-5-Data points on the upper solid green resistance (confirmed).
-Orange dotted trendline; 3-data points (confirmed)
-Secondary Trendline – Dashed trendline changes price distribution from a bull flag to a bull pennant (3-data points (confirmed). The
Pole for the pennant price patterns formed February 26, and the price has continued bullish since.
-Volume is not extraordinary.
-Fib Retracement tracking price $0.1026 to $0.38770 and is not significant at the .382 ($0.21059).
-Significant resistance at fib price level .50 ($0.24421) and fib level .618 ($0.27784) Denoted by the 2-down red arrows.
-Current price distribution shows Value Area High for this dataset.
Conclusion
BULLISH! The price action in BAT has been moving in a structured accumulation price pattern. Something changed on Feb 25, to move the price distribution into a bullish pennant. BAT’s price has doubled in less than 30-days. The largest price retracement has been under .02 (most recent timeframe) but recovered timely. Anytime the price tracks another higher trendline away from the primary trendline, probability suggests the secondary trendline will break and the price will fall through it, or trade through it; and determining when that happens is very difficult. BAT's price action is classic for what accumulation looks like and could be used in a textbook on what a real structured bull trend looks like.
Treading Ideas:
Long:
If you’re no in BAT yet, I would seek to buy near the dashed trendline. 5% of your total BAT invest only, or same for what you're adding to your existing position.
Short:
None
Biff’s Opinion:
BAT is extremely bullish and is being accumulated. What is very interesting to me is that since entering the BULL pennant price distribution the candle sizes increased – notice the difference in the candle sizes from entering the bull flag to the bull pennant? What does it mean? It looks like the people who were “in the know” on whatever is going on with BAT got in early and met their price targets. It looks like the rest of us joined the party as seen in the BULL pennant. I had placed a support/resistance green horizontal line where I felt price BAT would meet with the greatest resistance. Since the horizontal green trendline has been breached we can just refer to is as another potential buying opportunity if your bullish and want to go long.
I feel the price may retreat to $0.18431 (set Buy). There is a lot of energy to move this crypto higher but not a lot of volume. I have some trepidation where those who purchased at the beginning of the Bull Flag denoted by the rectangle may decide to unload their positions en masse! I am also concerned that the volatile candles in the bull pennant have such small volume! To me, that means the price could fall $.06 at any time, BUT BULL is BULL is BULL and BAT is on a terror like an unstoppable enemy force! Even if the price falls to the primary trendline and it held at $.016 or so, BAT would still be considered BULLISH long-term. BAT is a buy on Biff’s list, on trendline pullbacks. One last thing; note the size of the HVN at the .50 Fib price level ($0.24421). Is this where BAT is going? That would place BAT in another price distribution.
Don't forget to leave a like and follow Biff for more EXCELLENT charting!
Best,
Biff
P.S.
(I will have more exciting videos to come!) I had to do prom shopping for my daughter and handle some consulting, so my time is getting short. Please advise me of any mistakes in my analysis and feel free to respectfully disagree with me!
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts have a volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume .
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Technicals:
-5-Data points on the upper solid green resistance (confirmed).
-Orange dotted trendline; 3-data points (confirmed)
-Secondary Trendline – Dashed trendline changes price distribution from a bull flag to a bull pennant (3-data points (confirmed). The
Pole for the pennant price patterns formed February 26, and the price has continued bullish since.
-Volume is not extraordinary.
-Fib Retracement tracking price $0.1026 to $0.38770 and is not significant at the .382 ($0.21059).
-Significant resistance at fib price level .50 ($0.24421) and fib level .618 ($0.27784) Denoted by the 2-down red arrows.
-Current price distribution shows Value Area High for this dataset.
Conclusion
BULLISH! The price action in BAT has been moving in a structured accumulation price pattern. Something changed on Feb 25, to move the price distribution into a bullish pennant. BAT’s price has doubled in less than 30-days. The largest price retracement has been under .02 (most recent timeframe) but recovered timely. Anytime the price tracks another higher trendline away from the primary trendline, probability suggests the secondary trendline will break and the price will fall through it, or trade through it; and determining when that happens is very difficult. BAT's price action is classic for what accumulation looks like and could be used in a textbook on what a real structured bull trend looks like.
Treading Ideas:
Long:
If you’re no in BAT yet, I would seek to buy near the dashed trendline. 5% of your total BAT invest only, or same for what you're adding to your existing position.
Short:
None
Biff’s Opinion:
BAT is extremely bullish and is being accumulated. What is very interesting to me is that since entering the BULL pennant price distribution the candle sizes increased – notice the difference in the candle sizes from entering the bull flag to the bull pennant? What does it mean? It looks like the people who were “in the know” on whatever is going on with BAT got in early and met their price targets. It looks like the rest of us joined the party as seen in the BULL pennant. I had placed a support/resistance green horizontal line where I felt price BAT would meet with the greatest resistance. Since the horizontal green trendline has been breached we can just refer to is as another potential buying opportunity if your bullish and want to go long.
I feel the price may retreat to $0.18431 (set Buy). There is a lot of energy to move this crypto higher but not a lot of volume. I have some trepidation where those who purchased at the beginning of the Bull Flag denoted by the rectangle may decide to unload their positions en masse! I am also concerned that the volatile candles in the bull pennant have such small volume! To me, that means the price could fall $.06 at any time, BUT BULL is BULL is BULL and BAT is on a terror like an unstoppable enemy force! Even if the price falls to the primary trendline and it held at $.016 or so, BAT would still be considered BULLISH long-term. BAT is a buy on Biff’s list, on trendline pullbacks. One last thing; note the size of the HVN at the .50 Fib price level ($0.24421). Is this where BAT is going? That would place BAT in another price distribution.
Don't forget to leave a like and follow Biff for more EXCELLENT charting!
Best,
Biff
P.S.
(I will have more exciting videos to come!) I had to do prom shopping for my daughter and handle some consulting, so my time is getting short. Please advise me of any mistakes in my analysis and feel free to respectfully disagree with me!
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts have a volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume .
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Error:
Even if the price falls to the primary trendline and it held at $.016 or so, BAT would still be considered BULLISH long-term.
FIX = $0.16 -- just to be clear a drop to the primary trendline could still be construed as Bullish from BULL.
Best,
Biff