Basic Attention / USD Technical Analysis: Topping The Class
- 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.
A potential bearish double-top pattern could take shape if bulls fail to rally price above the March 10th trading high.
The Momentum indicator on the four-hour time frame is also showing bearish price divergence.
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.
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.
The momentum indicator is attempting to correct higher on the daily time frame.
The MACD indicator on the daily time frame is showing bearish price divergence.
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.
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