2019-4-20 16:26 |
Basic Attention Token has a bullish short-term outlook, with buyers still fully in control of price-action BAT / USD also retains its strong bullish medium-term trading bias The daily time frame shows that a large inverted head and shoulder may be in the process of forming Basic Attention Token / USD Short-term price analysis
Basic Attention Token has a bullish short-term outlook, with the BAT / USD pair advancing towards a new 2019 trading high.
The four-hour time frame shows that an inverted head and shoulders pattern has been activated, with the bullish pattern yet to reach its upside objective.
Technical indicators on the four-hour time frame are starting to appear overstretched with both the MACD and RSI indicators in overbought territory.
BAT / USD H4 Chart by TradingView
Pattern Watch
The upside target of the inverted head and shoulders pattern on the four-hour time frame is likely to be the May 2018 swing-high.
Relative Strength Index
The RSI indicator on the four-hour time frame also appears overstretched and is failing to make higher price highs.
MACD Indicator
The MACD indicator on the four-hour time frame is starting to appear overstretched and shows pockets of bearish MACD price divergence.
Fundamental Analysis
BAT continues its move towards new heights and gains more popularity amongst users and investors. Recently the coin has been added to the Crypto.com app, which should increase its adoption and liquidity. In addition to that, a report from Glassnode suggests that “Whales have recently been accumulating BAT and the total amount they currently hold is at an All-Time High.”
Basic Attention Token / USD Medium-term price analysisBasic Attention has a bullish medium-term trading bias, with the cryptocurrency posting four days of strong upside gains.
The daily time frame is showing that buyers are working hard to move the price above the November 2018 swing-high and invalidate the bearish triple-top pattern.
Technical indicators on the daily time frame are bullish and continue to signal that further medium-term gains remain possible.
BAT / USD Daily Chart by TradingView
Pattern Watch
Traders should note that a complex inverted head and shoulders pattern may form on the daily frame if bulls can invalidate the bearish triple-top pattern.
Relative Strength Index
The RSI indicator is moving higher on the daily time frame, although it is failing to make new highs alongside the price.
MACD Indicator
The MACD indicator on the daily time frame is rising, although bearish MACD price divergence is still present from the start of March rally.
Fundamental Analysis
In the medium-term, the project remains a strong pick due to its very active and growing ecosystem with a wide network of users, advertisers, and partners. You can read the full review on the project in the latest DARE report.
Conclusion
Basic Attention Token is continuing its recent strong rally, with the bullish pattern on the four-hour time suggesting that the cryptocurrency has scope to trade even higher in the near-term.
The BAT / USD pair’s medium-term prospects also look bright, as a large inverted head and shoulders pattern will start to form on the daily time frame if bulls can successfully invalidate the bearish triple-top pattern.
Head over to our coin guide for BAT and the Brave Browser for an intro to the project.
Also, an in-depth dive into BAT is available in our DARE.
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