BAT/USDC Profit Taking and Consolidation

10 mag 2019

Overnight, savvy traders saw the opportunity for a quick flip with BAT hovering at highly oversold territory. A big bounce off 0.27 burst through the Correction Channel convincingly and those who made a quick 20% in the span of a few hours will be locking in profits. Look for a brief selloff in the near term followed by some consolidation. Watch the price action for confirmation of strength to the upside. BAT has declined roughly 50% from its recent highs. As a result, the probability of further sell-off is declining and risk/reward is tipping toward the bull case. BTC continues its grind upwards as traders watch in disbelief. As the bear-clouds clear from the horizon and bulls take control, BAT will be the beneficiary of the Bitcoin tide rising all boats.

TLDR: Consolidation in near term through the weekend, followed by growing probability of more strength.

13 mag 2019

Nota

As predicted, the consolidation continues into the beginning of the work week. Check my newest post for an update on BAT.