BAT Price Analysis: Bullish Short-Term Trading Bias

The BAT price analysis shows that the altcoin has a bullish short-term trading bias and a negative medium-term bias. According to the four-hour time frame, the altcoin has a bullish inverted head and shoulders pattern forming as we are looking closer in the analysis in today’s altcoin news.

The daily time frame shows that a bullish breakout from the falling wedge pattern is forming as well. The BAT price analysis shows that the altcoin is looking for a direction after it posted gains of 5% on the first day of trading in 2020. The year-to-date basis shows that the BAT/USD pair trades around 35% in the green and the cryptocurrency finished 2019 with modest losses of around 6 percent. The technical analysis outline that the path ahead for the cryptocurrency is still uncertain and the BAT/USD pair is trading below its 200-day moving average, remaining still technically bearish over the medium-term.

The BAT/USD pair will have to stage a rally of around 15 percent to reclaim the 200-day moving average and at current levels, Basic Attention Token trades around 60 percent down from the 2019 peak which is 82 percent down from its all-time high. The four-hour time frame shows that the pair has now turned technically bullish over the short-term which is encouraging for the price. The bullish inverted head and shoulders pattern is placed in the lower time frames and the size of the pattern suggests that the BAT/USD could rally towards the $0.26 level if the bulls manage to move the price above the $0.20 level.

The daily time frame shows that the bullish wedge pattern breakout is in play placing the pair’s 200-day moving average focusing around the $0.22 level. The daily time frame clearly shows that once that the BAT/USD pair starts to strengthen its 200-day moving average and its rally towards major trendline resistance at $0.35 level remains possible. The technical indicators are also bullish in the medium term and the RSI shows a strong buying signal. The four-hour time frame shows that the key technical resistance is located at $0.20.

The four-hour time frame shows that the pair has a strong long-term technical support around the $0.18 and $0.16 levels which means that a reversal from the current levels and sustained weakness over the second level will leave the pair exposed to more losses.
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