Crypto Coin Technical Analysis by Request: BNT/BAT/SNT
I recently received this comment on my previous post. Thank you cloudbender26. Let's have a look.
''cloudbender26 · 22 minutes ago
I've always been a fundamentals value investor which is like trying to put a square peg in a round crypto hole.
What does TA say about BNT, BAT and SNT?
I chose those 3 because Bancor has been around. BAT is relatively new and SNT was just born.
It would provide some perspective of what TA analysis can do in 3 different scenarios''
BNT:
The BNT chart is very young. The long term Daily fibs show nothing to me. The only noticeable line is the support which we are bouncing off a second time this week.
On the Hourly: I find that long wick'd Bullish Pinbar (AKA hammer candle) to be very convincing that BNT has found support there. This is a clear rejection of lower prices and is supported by a series of long wick pinbars that bounce off the long term support line which is obvious on the daily chart.
BAT:
The BAT chart is also very young. It looks like it may have established a down trend and an uptrend. These look to be converging in the next few days/weeks. I would expect some volatility as buyers and sellers battle it out.
The BAT Hourly Chart clearly shows that the Fib levels are being respected in the smaller time frames. You can see the converging trend lines on the edges. If we turn down here, I would see that as very bearish, but if we break upwards through the 62% retracement to test the down trend line, I would see this as more bullish.
SNT:
Long term chart showing the false Breakout which has established a down trend line. Also notice that I have drawn in a lower fibonacci line. I haven't done the math on this, but this line of support is basically the 76% Fibonacci Retracement level. It is also long term support on the daily chart.
*I saw no patterns on the hourly chart other than solid support on this line.
@Cloudbender26 I hope that you got some value from this. Please like and share and all that jazz. I'll be back tomorrow with a look at NEO, PAY and maybe some others. Then I'll be gone for 4 days at a Mountain 100 Mile race event.
As always, Have Fun. Be Safe. Take Profits!
-JTtHEAT
Tips always welcome. Gotta keep stacking my monopoly monies!
BTC: 1NrgW8ZJj6pfmU5sDnjsLs2zgG9kd9kEDG
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