Has Basic Attention Token (BAT) Already Peaked? (BAT/BTC Price Analysis for April 22)

Has the top been reached or can we expect further price gains?

Let’s find out:

Basic Attention Token (BAT): Trends And Highlights For April 22, 2019

• BAT/BTC reached a high of 9400 satoshis on Apr 21.
• Basic Attention Token is trading inside a descending channel and following a long-term support line.
• There is support near 6400 satoshis.

Tracing the Current Trading Pattern

On Apr 21, the price made a high of 9400 satoshis. Since then, it has been decreasing, creating several lower highs in the process.

Tracing these highs gives us a descending resistance line:

On Apr 21, the price reached a low of 8100 satoshis. Several market cycles have been completed and the price has made several higher lows.

Tracing these lows gives us a descending support line.

The resistance and support lines combine to create a descending channel:

It is likely that the price will continue trading inside the confines of this channel until a decisive move occurs.

In order to figure out the direction of the move, we need to incorporate technical indicators into a longer time frame.

Technical Indicators

In this section, the price of BAT is analyzed at six-hour intervals from Apr 16 to Apr 22 alongside the RSI.

On Apr 21, the price reached a high of 9400 satoshis. Similarly, the RSI reached a high on the same date.

We can see that the movements of the RSI have mirrored those of the price. Therefore, the price is not showing any signs of weakness.

The use of this indicator makes it unlikely that the price will break down from the support line. Rather, it is likely that it will increase at the rate predicted by the line. While we are experiencing short-term losses, it does not appear as if the price of Basic Attention Token has not yet peaked.

Future Movement

In this section, we incorporate support areas into the analysis to determine possible future price levels.

Support areas are created when the price reaches a certain level numerous times. They can act as a reversal area in case a breakdown or breakout occurs.

One support area is shown in the graph below:

The closest support area is found near 6400 satoshis. If the price breaks down from the support line, it is likely to provide a reversal. We do not believe that this movement is likely.

Summary of Analysis

Based on our analysis, it is likely that the price of BAT will keep increasing at the rate predicted by the support line outlined above. We do not believe that a breakdown is likely, but a reversal from short-term losses may be forthcoming.

Do you think the price of BAT has reached the top? Let us know your thoughts in the comments below!

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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.