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Basic attention token BAT price analysis shows possible drop

Basic attention token BAT price analysis shows possible drop

Basic Attention Token BAT price found its bottom during early September, after which it has been on a spree.

Per the daily Basic Attention Token (BAT)/Bitcoin (BTC) chart, Exponential Moving Averages have extended into a bullish arrangement, while the volume is observed rising upwards, with an exception to the latest push.

Basic Attention Token BAT price movement: What to expect?

Basic Acess Token BAT prcice chart 1 18 October 2019Basic Attention Token BAT price chart by Trading View

The strong push may lead to BAT seeing a pullback, while multiple stop losses can be seen being tightened as the price approaches the grey inflexion zone which is expected to be a resistance.

Per the short-term chart, BAT’s price is expected to lose its upward trend, while the Relative Strength Index and the histogram have shown various signs of bearish movements. The buying volume has dropped on the last upward push.

A rising wedge for consolidation is seen developing at the conclusion of a solid and prolonged push-up.

Basic Attention Token BAT price chartBasic Attention Token BAT price chart by Trading View

BAT may fall down from the current rising wedge. The histogram shows a tighter pattern while it also suggests an upcoming move.

At this point, a correction would be rational and it will probably not indicate the conclusion of a bigger, upward trend, rather it will signal a pause. While Bitcoin is still trading sideways the market has new opportunities

These are classic signs of exhaustion, and we may soon see BAT break down from this rising wedge. The histogram has contracted into a very tight pattern, also suggesting a coming move. A correction here would be completely reasonable, and not necessarily signal an end to the larger uptrend, just a pause.

BAT will not break clean towards bigger levels, but a pullback is expected to come. BAT’s larger, the upward trend does not end here, rather it may even be preserved with a few retests of previous levels.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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