SimpleCryptoLife

BAT finally breaking free?

Long
BINANCE:BATBTC   Basic Attention Token / Bitcoin
Through 2018, BAT has ranged horizontally, albeit in a very wide range, while the rest of the market followed BTC and trended strongly down.

Now it's approaching the top of the macro range for the 5th time this year. Daily moving averages are flattening out, so we can expect either a 30-60% drop to the middle or bottom of the range, or a wild run above.

Reasons to be macro bullish include fundamental success, with BAT recently launching its scheme to pay users for viewing ads, and not to mention being listed on Coinbase.
So arguably it's unlikely to be a huge drop, unless the whole market goes down.
Zooming in to the last 6 weeks, the pattern is consolidate - up, consolidate - up, consolidate - up. Now BAT is consolidating at the top of its macro range.
It tested the first long-term diagonal, broke it, fell back, and is testing it again.
For the last couple of weeks it's been consolidating in a pennant above local support-turned-resistance.
We're nearing the end of this triangle, and just broke a mini trend line and retested it.
Market allowing, I'd expect to break up out of this triangle in the next couple of days. If volume comes in, we could then have a crack at the second long term diagonal, the very top of the macro range. If it breaks that, well the sky's the limit.

Hat tip to the very skilled @Jnsane of @TrendySquad for the original diagonals.

Disclaimer: I'm a beginner at charting XD Just publishing some ideas because it helps me to make them more rigorous. Hence no entries, stops, or targets listed. You better do your own research.
Comment:
Obviously I meant "throughout 2018 and up to March 2019", and "for the 5th time so far"

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