The Basic Attention Token (BAT) price has increased considerably in the month of March but could be approaching a potential top.
While BAT might have reached a top, LINK/BTC has bounced at the current support area and is expected to break out.
BAT Approaches Top
BAT has been moving upwards since it broke out from a long-term resistance line at the beginning of the year. It validated it as support afterward and has been moving upwards at an accelerated rate since.
On March 18, BAT reached an all-time high of $1.379.
Since the token is at an all-time high, we need to use an external Fib retracement to determine where the next resistance area is.
Doing so provides a resistance of $1.70.
However, it is possible that BAT re-tests the $1.10 area, validating it as support, before moving upwards once more.
The wave count suggests that BAT is in an extended wave three (white), having possibly reached a top.
The sub-wave count is given in orange, also showing a completed impulse.
This top’s potential target is found between $1.25-$1.40, thus indicating that the current wave might have run its course.
Cryptocurrency trader @Dlinkbull outlined a LINK/BTC chart, stating that he expects an upward movement to begin despite the lack of movement eventually.
Currently, it seems that LINK/BTC is trading inside a descending wedge. This is considered a bullish reversal pattern.
Furthermore, it has returned to validate the 48,000 satoshi level as support.
Indicators do not provide a clear direction for the upcoming movement. While the MACD is bullish, the Stochastic oscillator is bearish.
Nevertheless, the bullish pattern and re-test indicate that a breakout is likely. If so, it would find the next closest resistance area at 66,500 satoshis.
For the LINK/USD analysis, click here.