BAT/BTC Consolidating Nicely, Will There Be Further Upside?

٣ نوفمبر ٢٠١٨

https://www.tradingview.com/chart/X8yaAewV/Looks like consolidation is taking place on the BAT/BTC chart right now after a nice run owing to the recent news of the Coinbase Pro listing. If 00004432 satoshis is the low of the pullback and 00004846 satoshis is the lower high compared to the top of the run then a nice range is forming and we are looking for a higher low compared to 00004432, followed hopefully by another move to the upside and an attempt to break out past the 00005281 high of the move.

Volume: Declining...looks healthy after such a nice move to the upside.

RSI: 67.90 and declining...still bullish but getting overextended considering the pullback started around 83. There is still room for upside action though, but not by a lot until it cools off...at least that is my cautious opinion.

EMAs: On the 4HR we remain well above both the 12 and the 25 period EMA but on the hourly we are sandwiched between the 25 period as support and the 12 period as resistance.

If we break below 00004432 satoshis there really isn't much support until the 00003800 and than the 00003580 level. With BTC still being in a longterm downtrend until it breaks past 6.8k and than 7.4k there is plenty of room to lose this entire move to the upside, although I am thinking that BAT being added to the Coinbase app along with the growing success of the BRAVE browser could possibly lead to a more bullish scenario at least short term. Personally I am more bullish on this one than usual owing to the way the charts look and the Coinbase news, but as always I remain cautious.

Once again, I'm just a dude on Trading View learning TA as I go, so take what I say with a grain of salt. Thanks for reading.

---the CryptoHound