Basic Attention Token Price Analysis: BAT/BTC Is Getting Close to a Breakout

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On June 29, the Basic Attention Token price reached a low of 2358 satoshis. It immediately began to increase and reached a high of 3323 satoshis on July 2. Since then, it has been decreasing. On July 17, it reached lows of 2124 satoshis.



Will BAT begin another upward move? Keep reading below in order to find out.



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BAT Price: Trends and Highlights for July 19

  • BAT/BTC is trading inside a descending wedge.
  • It is trading inside a long-term support area.
  • There is bullish divergence developing in the RSI & MACD.
  • There is resistance near 3100 satoshis.

Long-Term BAT Price Support

A look at the weekly time-frame shows that the BAT price is trading inside a very significant support area.

The area is found at 2000 satoshis, and the BAT price has not fallen below this area since March 2018.

Furthermore, the two previous times it reached it, it began upward moves of different magnitudes.

Descending Wedge

A look at the six-hour time-frame shows that BAT has been trading inside a descending wedge since reaching the aforementioned low on June 28.

The descending wedge is considered a bullish pattern, making price breakouts more likely.

At the time of writing, the BAT price is trading in the middle of the wedge after being rejected by the resistance line.

Will it make another attempt at a breakout?

According to the RSI & MACD, it will do so soon.

Both have been generating significant bullish divergence since the beginning of July.

Furthermore, it is occurring inside a bullish pattern in a very significant long-term support area.

Additionally, it seems as if the Basic Attention Token price, today, made an attempt at a breakout.

The upward move took the price above the 10-day MA but was stopped short of the 20-day one.

It occurred with a very significant level of volume.

The readings from these indicators make it very likely that the BAT price will soon initiate an upward move.

Possible Breakout

If the BAT price does so, one resistance area is outlined below.

The resistance area is found near 3100.

It previously acted as support in February, before the BAT price broke down and validated it as resistance at the beginning of July.

According to our analysis, the price is likely to reach this area.

Summary

The BAT price is inside a very significant support area.

It is also trading inside a descending wedge.

According to our analysis, it is likely to break out and reach the resistance area outlined above.

Do you think BAT will break out from the wedge? Let us know in the comments below. 

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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