BATUSD 02.06.2020

Hi guys, welcome back!

First, let me say congrats to those that took the last HIVEUSDT trade I dropped here. Our TPs hit were though it took a while as Hive did some days in accumulation before hitting the low $0.23. So let's get to what we have today!

TimeFrame: H4

Tools:
Blue Box Anchored zone

Blue Line: Dynamic Support

Black Lines: Trendline

Yellow Drawing Butterfly Harmonics

Really, it would have been much of a rhyme if the harmonic pattern followed by Basic Attention Token(BAT) was the Bat Harmonics but it's a butterfly — not too bad after all.

From an overview, BAT is struggling to enter an uptrend from the former sideway trend it was in for about 20 days before it broke a few days ago. It would have been a perfect trade for me I caught the beginning of the formation of the harmonics pattern. I would have been bullish because it broke and retested the resistance line plus the confirmation from the letter 'M' pattern.

No point in crying over spilt milk. So, let's move. My trendlines show that BAT is trending up and that means whatever the case is 'we are looking for an uptrending opportunity until we are sure the trend has changed.

^{This is my projection}

I identified two possible reversal points on the chart. This means price would most likely reverse to $0.2303 or $0.220 before it continues upwards. To corroborate these points, I picked my Fibonacci retracement tool and it happened that both reversals points are 38.2 and 50 numbers respectively which means it was a good pick. You can scale-in your entry.

Let's go to...

Picking a side..

I already made my pick but I'll just like to put down a few reasons for my bias. So...

1. Uptrend; The trend is my friend.

2. Butterfly Harmonics; The Letter 'M' formation.

3. Trend Qualification; Confirmed!

4. Resistance Resistance was broken and a retest occurred.

Disclaimer: This is not a trading advice and I won’t be held accountable for any losses incurred during trading.

Safe Trading!