BATBTC | Structural Support | Apex | Low Volume
Todays Chart – BATBTC – trading in a multi-month triangle formation nearing its apex.
Points to consider:
- Support and resistance converging (apex)
- Macro swing low failure
- Low volume
- RSI breaking below 50
BATBTC needs to hold local support for a break and of local resistance.
However, failing to hold local support; a break to structural support is plausible.
Swing low failure (higher low) on the daily is indicative of a macro trend shift. S/R flip st structural resistance will solidify trend reversal.
Volume is below average, an indication that an influx is imminent coinciding with the probable breakout.
RSI is breaking below 50 showing weakness in the market indicating a probable retrace to structural support
Overall, in my opinion, BATBTC has some work to do and needs setup.
A long trade will be validated on a re-test of structural support (conservative entry) or a break and re-test of local resistance (aggressive entry).
What are your thoughts? Let me know in the comments below!
Be sure to leave a like and follow me for daily chart updates.
As always, focus on you - and the money will too!
Points to consider:
- Support and resistance converging (apex)
- Macro swing low failure
- Low volume
- RSI breaking below 50
BATBTC needs to hold local support for a break and of local resistance.
However, failing to hold local support; a break to structural support is plausible.
Swing low failure (higher low) on the daily is indicative of a macro trend shift. S/R flip st structural resistance will solidify trend reversal.
Volume is below average, an indication that an influx is imminent coinciding with the probable breakout.
RSI is breaking below 50 showing weakness in the market indicating a probable retrace to structural support
Overall, in my opinion, BATBTC has some work to do and needs setup.
A long trade will be validated on a re-test of structural support (conservative entry) or a break and re-test of local resistance (aggressive entry).
What are your thoughts? Let me know in the comments below!
Be sure to leave a like and follow me for daily chart updates.
As always, focus on you - and the money will too!
