Basic Attention / USD Technical Analysis: Topping The Class
Share this article
- Basic Attention has a bullish short-term trading bias, with price trading towards the best levels of the year
- Bearish price divergence is now present across both time frames
- The BAT / USD pair continues to outperform the broader cryptocurrency market
Basic Attention / USD Short-term price analysis
Basic Attention has a bullish short-term trading bias, with the cryptocurrency testing towards the best levels of the year so far.
Both the MACD and Momentum indicators are showing large amounts of bearish price divergence on the four-hour time frame.
The November 13th swing high from last year offers the strongest form of technical resistance above the current yearly trading high.
BAT / USD H4 Chart (Source: TradingView)
Pattern Watch
A potential bearish double-top pattern could take shape if bulls fail to rally price above the March 10th trading high.
Momentum Indicator
The Momentum indicator on the four-hour time frame is also showing bearish price divergence.
MACD Indicator
The MACD indicator on the four-hour time frame is showing large amounts of bearish price divergence.
Basic Attention / USD Medium-term price analysis
Basic Attention has a bullish medium-term bias, with the BAT / USD pair testing towards the best levels of 2019 and trading well above its 200-day moving average.
The BAT / USD pair continues to hold onto recent gains despite the broader cryptocurrency market coming under downside pressure.
The daily time frame is showing that bullish MACD price divergence has been eradicated from November 2018, although the recent rally has created large amounts of bearish MACD price divergence.
BAT / USD Daily Chart (Source: TradingView)
Pattern Watch
The daily time frame is also showing that a potential double-top pattern could start to take shape if bulls fail to rally the cryptocurrency to a fresh 2019 trading high.
Momentum Indicator
The momentum indicator is attempting to correct higher on the daily time frame.
MACD Indicator
The MACD indicator on the daily time frame is showing bearish price divergence.
Conclusion
Basic Attention retains a strong bullish bias over both time horizons, with the BAT / USD pair advancing towards the best levels of the year, despite downside pressures building across the broader market.
The presence of bearish price divergence across the four-hour and daily time frames suggests that BAT / USD pair should be closely monitored, as a strong technical pullback could occur once the cryptocurrency reaches its overall upside objective.
Check out our introductory course on Brave Browser and BAT here.
For a more detailed analysis, we also recently published our DARE for the project
Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.
Share this article