BAT to reach $2.27-$2.41 on the 12 Hour?Hello everyone!
Today what I have shown is BAT on the 12 hour time frame, pretty close to a symmetrical triangle.
With the triangle in orange, we have had four touch points on the support, and now 3 on the resistance.
I already have a buy order set for $1.18, and will have a stop loss set at $1.113, as this is where we had previous support. This places the SL below the triangle, which would help in the case of a break down. By copying the support of the triangle and pasting it at the high of the triangle formation, price could reach $2.27 if it were to break above the triangle. Otherwise, you can take the height of the triangle, and with an underestimated breakout of $1.25, price could go up to $2.41.
This would provide me with over a 16:1 risk to reward ratio, with a maximum loss of 5.68%. By having a conservative sell at the $2.27 mark, that gives for a nice 92.37% gain. Otherwise, selling at the more risky area of $2.41 would yield a 104.24% gain.
I am aiming to buy in at $1.18, because, even though that would be before a decisive breakout, it allows me to have a very good and comfortable stop loss and I would be in at a very good price if it were to break above.
Obviously, the most conservative thing to do would be to wait for a candle close and confirmation outside of the triangle before placing any positions.
I hope you enjoyed my little analysis and that it works! As always, have an awesome day and be sure to always do your own due diligence.
