Basic Attention Token BAT/USD Analysis: Emerging From The Depths
At current trading levels, Basic Attention is down over sixty percent from its 2019 price peak, but the cryptocurrency has gained an encouraging thirty percent since the start of the year. shows that the cryptocurrency turned during mid-July, after slipping back under its 200-day moving average.
The indicator on the daily time frame suggests that the BAT/USD pair may fall back towards its yearly opening price, as a significant amount of negative divergence still exists. The price divergence was created during the strong move higher in early March 2019.
The four-hour time frame shows that a pattern is forming. If the is triggered, the overall downside projection of the pattern will override the divergence, which could mark a turning point for the cryptocurrency.
According to the latest sentiment data from TheTIE. , the short-term sentiment towards Basic Attention is neutral, at 48.00 %, while the overall long-term sentiment towards the cryptocurrency is , at 65.00%.
The four-hour time frame is showing that bulls need to move the BAT / USD pair above the 0.210000 level to negate the previously mentioned pattern. The 200-period moving average on the four-hour time frame is also converging around the head of the .
The daily time frame highlights that a death-cross is currently underway, with the 50-day moving average crossing over the 200-day moving average. Bulls need to move price above the 0.22100 level to negate the death-cross.
BAT / USD by TradingView
The downside potential for the BAT/USD pair is focused around the neckline of the pattern on the four-hour time frame. The neckline of the pattern is found at the $0.175000 level, while the current monthly low is located just below the neckline, at $0.161000.
The daily time frame highlights that price divergence extends down towards the $0.140000 level, which is interestingly the same overall target of the on the four-hour time frame.
Basic Attention is attempting to recover from a six-month trading low, although the technical outlook for the cryptocurrency still appears very . suggests that the BAT/USD pair could fall further, with the $0.140000 level the immediate target.