After five unsuccessful attempts, Basic Attention Token (BAT) has broken out from the long-term 3,000-satoshi resistance area.
This is indicative that the price has likely begun a long-term upward trend.
BAT Takes Off
The BAT price had been trading below the 3,000 satoshi resistance area since July 2019. Until now, the price has made five unsuccessful attempts at breaking out. On August 20, the price was finally successful in doing so. The closest resistance areas are found at 4,610 and 5,530 satoshis, which are the 0.382-0.5 Fib levels of the massive downward move between April-Sept 2019. Technical indicators are still bullish. The RSI is overbought but has not generated any bearish divergence yet. The MACD has reached the positive territory and is moving upwards. These are signs that the price is expected to continue moving upwards towards the resistance areas outlined.
Don’t forget about $BAT boys n girls. Held like a champ and will be one of the first to get a volume influx. This support looks good and its already bouncing. I took some more positions. We are gonna moon hard this week. Really freaking hard.
Golden Cross
Beginning in September 2019, it is likely that BAT began a long-term upwards five-wave formation (black in the chart below). The second wave ended in May 2020, and it would be expected for the rate of increase to accelerate afterward, especially since the price has broken out from a long-term resistance area. Currently, it seems likely that the price is in the third sub-wave (blue) of the larger third wave. Volume has been picking up, so a rapid ascension would confirm the wave count. The increase is also supported by the bullish cross that transpired between the 50 and 200-day moving averages (MA), otherwise known as a golden cross. Due to the length of the first wave, the third could end near the 0.5 Fib level at 5,530 satoshis.
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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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