Trade Recommendation: Basic Attention Token

Our March 20, 2018 trade recommendation for the Basic Attention Token/Bitcoin (BAT/BTC) pair achieved its target on April 18 when the pair soared to as high as 0.000053. Those who followed the trade recommendation grew their investments by as much as 130% in less than a month.

While BAT/BTC overshot our target, we knew that the ascent would no longer be sustainable at such a high price. The pair had to drop as those who bought the bottom took profits. The good news is that it appears that the correction is almost over and the pair is ready for another rally.

Technical analysis show that Basic Attention Token/Bitcoin is creating a large symmetrical triangle on the daily chart. Currently, the pair appears to have concluded the E-wave, which is often the final leg down. If bulls create a higher low setup at 0.000036, then it is likely that they’ll inspire a rally.

In addition, the daily RSI looks bullish as well. It has been creating a series of higher lows, which justify the bullish price action.

The strategy is to buy as close to 0.000036 as possible. If bulls continue to defend the support, then it is likely that we can expect a furious rally to our initial target of 0.00005. The process may take more than a month.

Daily Chart of Basic Attention Token/Bitcoin on Binance

As of this writing, the Basic Attention Token/Bitcoin pair is trading at 0.00003777 on Binance.

Summary of Strategy

Buy: As close to 0.000036 as possible.

Target: 0.00005

Stop:  0.000033

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.