Basic Attention Token! Long and short term analysis
Hello Traders,
I will be closely monitoring coins coinbase is exploring in adding to their exchange: BAT, ADA, XLM, and ZRX. For this one, I will be analyzing BAT in both long-term potential and short-term swing trading ideas.
1) Long-term:
Looking at the daily chart, BAT recently had the bear breakout from the symmetrical triangle pattern. Technical speaking BAT is still in downtrend, and I do not see any sign of trend reversal at the moment. Currently, 3000 Satoshi is acting as a support, but we can expect high selling pressure (down to 2200 Satoshi) if it goes below 3000 Satoshi again. However, my bearish view will be invalidated if BAT finds support at 3200 Satoshi.
2) Short-term
Looking at the hourly chart, we see that 3200 Satoshi has been acting as the strong resistance at the moment. This is why I said, long-term bearish will be invalidated if BAT goes above 3200 Satoshi. Currently, BAT is forming bearish pennant pattern, and we should see some action in next 24 hours. Statistical speaking, there is 70% that we see bear break and 30% that we see a bull break. Therefore, I will be looking to short BAT if it goes below blue trendline, and add more position when it crosses the pink line. The target for bearish breakout is 2400 Satoshi and the target for bull breakout is 3900 Satoshi.
Happy trading!
I will be closely monitoring coins coinbase is exploring in adding to their exchange: BAT, ADA, XLM, and ZRX. For this one, I will be analyzing BAT in both long-term potential and short-term swing trading ideas.
1) Long-term:
Looking at the daily chart, BAT recently had the bear breakout from the symmetrical triangle pattern. Technical speaking BAT is still in downtrend, and I do not see any sign of trend reversal at the moment. Currently, 3000 Satoshi is acting as a support, but we can expect high selling pressure (down to 2200 Satoshi) if it goes below 3000 Satoshi again. However, my bearish view will be invalidated if BAT finds support at 3200 Satoshi.
2) Short-term
Looking at the hourly chart, we see that 3200 Satoshi has been acting as the strong resistance at the moment. This is why I said, long-term bearish will be invalidated if BAT goes above 3200 Satoshi. Currently, BAT is forming bearish pennant pattern, and we should see some action in next 24 hours. Statistical speaking, there is 70% that we see bear break and 30% that we see a bull break. Therefore, I will be looking to short BAT if it goes below blue trendline, and add more position when it crosses the pink line. The target for bearish breakout is 2400 Satoshi and the target for bull breakout is 3900 Satoshi.
Happy trading!
This bull breakout is still not convincing as it lacks volume, so I expect it to pull 3250 Sats again just confirm pink line as support