BAT Could Follow ICX’s Lead and Double in Value

BAT Highlights

• BAT broke out from a descending resistance line.
• There is support at 2200 satoshis and resistance at 3200 satoshis.
• It is likely accumulating based on the Wyckoff distribution method.
• A golden cross has transpired.

Full-time cryptocurrency trader @j0hnnyw00 advised investors that have missed the massive increases of ICX, AION, WAN, and IOTA to jump ship on BAT since it will soon begin moving upwards. Also, he gave targets of 3400, 4500, 5400 and 6400 satoshis for the ensuing upward movement.

If you missed $IOTA $WAN $ICX $AION Don't miss $BAT
Just buy and #HODL https://t.co/mFc0OC6PMc

— Johnny Woo | Never DM you for Money (@j0hnnyw00) February 4, 2020

Let’s take a closer look at the BAT price and see if it has any chance of reaching the given targets.

Resistance Breakout

On February 4, the BAT price broke out from a descending resistance line that had been in place for the past 103 days.

Also, this movement caused the price to move above the 50- and 200-day moving averages (MA), which had previously made a bullish cross. We successfully predicted this breakout in our previous analysis. This is a bullish sign that suggests that the direction of the trend is upwards.

Wyckoff Distribution

The price movement since December 22, 2019, can be explained by the Wyckoff distribution.

The December 23 low was the “selling climax,” and the high that followed was a reaction to this low, called the “automatic rally.

After a secondary retest of the 2200 satoshi support area, the price began another move, the retracement of which created a higher low, dubbed the “last point of support.”

If the price continues following the outlined laid out by this distribution, it will soon move above the 2740 satoshi high, retest it as support and then continue moving upward.

As for the targets laid out in the tweet, the first strong resistance area is found at 3200 satoshis. If the price moves above this one, it can head towards the next targets given in the tweet.

BAT Targets

Our targets are found from the fib levels of the entire decrease measuring from April 21, 2019, and are slightly different than those given in the tweet.

The targets are found at 4200, 5000 and 5800 satoshis. The 5800 high was reached twice as a result of a movement beginning from the 2200 satoshi support area, which was also the catalyst of the current upward move.

Therefore, we would not be surprised if the current upward movement causes the price to reach 5800 satoshis once more.

To conclude, the BAT price broke out from a relatively long-term resistance line. We believe the price will increase at least until it reaches 3200 satoshis and possibly go much higher towards the targets outlined above.