Basic Attention Token Price Analysis BAT/USD: Small Improvement
Basic Attention Token / USD Short-term price analysis
Basic Attention Token has a bullish short-term trading bias, with the BAT / USD pair recovering back above its 200-period moving average on the four-hour time frame.
The four-hour time frame shows that the cryptocurrency is trapped within a rising price channel, with price now making bullish higher highs and lower lows.
Technical indicators on the four-hour time frame are bullish and continue to generate a buy signal.
Pattern Watch
Traders should note that rising price channels are typically considered to be bearish reversal patterns.
Relative Strength Index
The RSI Index on the four-hour time frame is bullish and continues to issue a solid buy signal.
MACD Indicator
The MACD indicator is bullish on the four-hour time frame, although it is currently issuing a weak buy signal.
Basic Attention Token / USD Medium-term price analysis
Basic Attention Token has a bearish medium-term bias, with the BAT / USD pair continuing to trade below trend defining its 200-day moving average.
The daily time frame is showing that the BAT / USD pair has now retraced back towards the neckline of a head and shoulders pattern, following a false bearish breakout.
Technical indicators on the daily time frame are mixed, with the mentioned time frame still showing substantial negative MACD price divergence.
BAT / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the BAT / USD pair has yet to reach the full downside target of the bearish head and shoulders pattern on the daily time frame.
Relative Strength Index
The RSI Index is neutral on the daily time frame and is currently failing to provide a clear trading signal.
MACD Indicator
The MACD indicator on the daily time frame is bullish, although it continues to show the presence of substantial bearish MACD divergence.
Conclusion
Basic Attention Token has an improving short-term outlook, with the cryptocurrency remaining trapped within a rising price channel on the four-hour time frame.
Until we see buyers holding price above the BAT/USD pair’s 200-day moving average, we should expect the path of least resistance to remain to the downside.
Basic Attention Token has a bullish short-term trading bias, with the BAT / USD pair recovering back above its 200-period moving average on the four-hour time frame.
The four-hour time frame shows that the cryptocurrency is trapped within a rising price channel, with price now making bullish higher highs and lower lows.
Technical indicators on the four-hour time frame are bullish and continue to generate a buy signal.
Pattern Watch
Traders should note that rising price channels are typically considered to be bearish reversal patterns.
Relative Strength Index
The RSI Index on the four-hour time frame is bullish and continues to issue a solid buy signal.
MACD Indicator
The MACD indicator is bullish on the four-hour time frame, although it is currently issuing a weak buy signal.
Basic Attention Token / USD Medium-term price analysis
Basic Attention Token has a bearish medium-term bias, with the BAT / USD pair continuing to trade below trend defining its 200-day moving average.
The daily time frame is showing that the BAT / USD pair has now retraced back towards the neckline of a head and shoulders pattern, following a false bearish breakout.
Technical indicators on the daily time frame are mixed, with the mentioned time frame still showing substantial negative MACD price divergence.
BAT / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the BAT / USD pair has yet to reach the full downside target of the bearish head and shoulders pattern on the daily time frame.
Relative Strength Index
The RSI Index is neutral on the daily time frame and is currently failing to provide a clear trading signal.
MACD Indicator
The MACD indicator on the daily time frame is bullish, although it continues to show the presence of substantial bearish MACD divergence.
Conclusion
Basic Attention Token has an improving short-term outlook, with the cryptocurrency remaining trapped within a rising price channel on the four-hour time frame.
Until we see buyers holding price above the BAT/USD pair’s 200-day moving average, we should expect the path of least resistance to remain to the downside.
