BATBTC Equilibrium|200 MA Support|POC Resistance

3. Feb. 2020Hello Traders!

Happy Monday, Today’s update will be on the good old BATBTC pairings where we have an equilibrium forming right above the .618 Fibonacci, will this formation serve as a continuation pattern to the down side, or a possible bull break?

Points to consider,
- Trend putting in a macro higher high
- 200 MA and .618 are current support
- POC strong resistance
- Stochastics projected upwards
- RSI respecting trend
- Volume below average

BATBTC is attempting at putting in a macro higher low, changing the structure will come to fruition when an established higher high is in place. The 200 MA and the .618 Fibonacci are in confluence serving a strong support level for BAT.

The Point of Control is a major resistance level to close above as this will confirm a technical higher high. The stochastics are in lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the upside.

RSI is respecting its trend line, nearing its apex, a break will be imminent. Volume is however currently below average, must increase in the next couple days as the equilibrium comes to an end.

Overall, in my opinion, a break in either direction is probable; a break bullish will confirm the macro higher low, thus confirming a trend change, BATBTC does need an influx of volume for continued follow through.

What are your thoughts?

Please comment a chart you’d like me to analyse =),

And remember,

“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.”
― Yvan Byeajee