One of the best cryptos today is the BAT. Unfortunately that is not a Batman Coin (which would be great by the way) but the Basic Attention Token, which is up almost 5%. Do we have a buy signal? Not yet, but we are close… First let us show You, what we wrote in our previous analysis from the 27th of July:
„Currently, the price is on the neckline of this formation (yellow area) and is very close to trigger a major sell signal. For that, we need to see the BAT closing a day below the yellow area. With the current setup, this scenario is very likely to happen. „
How good was that? After those words were written, the price declined more than 50% reaching the local low on the 12th of September. Since then, we do have a correction, which is shaped like a flag and actually promotes a further drop. I do have only one problem with that signal. The price is still pushing higher and is very close to break the upper line of the flag. In addition to that we are almost above the horizontal resistance marked with a blue colour. The price closing above the blue area will be a buy signal and the price closing a day below the lower orange line will be a sell. Somehow I think that the first option is more probable.