Basic Attention Token Price Analysis: BAT/BTC Makes a Triple Bottom And Begins To Increase

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On August 10, the BAT price reached a low of 1655 satoshis. An upward move followed that lasted until August 14, when BAT made a high of 1855 satoshis. Since then, the price has been decreasing.



At the time of writing, BAT was trading close to 1700 satoshis.



Where will BAT go next? Continue reading to find out.

For our previous analysis, click here.

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Basic Attention Token Price: Trends and Highlights for August 15

  • BAT/BTC has made a triple bottom
  • There is support at 1660 satoshis.
  • There is a bullish divergence in the RSI and MACD.
  • Then, there is resistance at 1950 satoshis.

Triple Bottom

A closer look at price movements gives us one minor support area.

The support area is found at 1660 satoshis.

Additionally, we can see that the Basic Attention Token price has reached this area three times, creating a triple bottom.

The first time it did so, on August 8, it created a very long lower wick.

This is a sign of buying pressure.

It created a similar wick on August 18.

Since the triple bottom is considered a bullish pattern, we would expect the price to initiate an upward move.

This hypothesis is supported by a look at the RSI and MACD.

Both have been generating bullish divergence since August 8.

The divergence is very significant, present in both indicators and in time-frames up to the daily.

Therefore, we believe that the Basic Attention Token price will begin an upward move.

Where will it find resistance?

Resistance Areas

To outline significant resistance areas, we have used a Fibonacci retracement tool from the high of 2921 satoshis reached on July 28.

The closest resistance area is at the 0.236 fib level, which is at 1950 satoshis.

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

If it breaks out, it will face resistance at 2150 and 2300 satoshis respectively.

At the current time, we cannot confidently predict a breakout above the first resistance area.

Basic Attention Token Price Summary

The BAT price has made a triple bottom at 1660 satoshis.

Based on our analysis, it is likely to move upward towards the resistance area outlined above.

Do you think BAT will reach the resistance area? Let us know in the comments below.


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. 

Images are courtesy of Shutterstock, TradingView.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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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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