Trade Recommendation: Basic Attention Token
Basic Attention Token (BAT/BTC) is in the early stages of what can be a monster bull run. We have this view because the market spent more than a year in range accumulation. From January 2018 to April 2019, Basic Attention Token range traded between 0.00002 and 0.00006. Keep in mind, the longer the space, the higher the base. 15 months of base building puts the market in a great position to supersize the capital of investors.
Technical analysis shows that BAT/BTC has taken out resistance of 0.00006 on March 28, 2019. This triggered the breakout from a large triple bottom pattern on the daily chart. The price action ignited a breakout rally that saw Basic Attention Token climb as high as 0.000094 on April 21st.
At that point, Basic Attention Token was showing signs of exhaustion. The daily candle had a long wick above the body to indicate the emergence of sellers. In addition, a bullish divergence can be spotted on the daily RSI. With these signals, the market started to correct. This can be your chance to buy the retest of the support.
The strategy is to buy on dips as close to 0.00006 as possible. The successful retest of this area as support will likely catapult BAT/BTC to our targets of 0.000076 and 0.000094.
The process may take a month.
Daily Chart of Basic Attention Token/Bitcoin on Binance
As of this writing, the Basic Attention Token/Bitcoin pair is trading at 0.00007072 on Binance.
Summary of Strategy
Buy: As close to 0.00006 as possible.
Targets: 0.000076 and 0.000094.
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.
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