Cryptocurrency
by Seth Parker on November 13, 2018

Basic Attention Token (BAT) Analysis – That was a great call!

Third analysis of the day is about the cryptocurrency – Basic Attention Token. BAT was previously mentioned on the 16th of October, when the price was still in a downtrend. What is more, we were in a trend continuation pattern, which was supporting a further decline. Sometimes you need to trust Your gut though. Despite the negative situation I was optimistic about the future of this altcoin:

“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. „

This is precisely what happened. The price closed above the blue area and the upper line of the flag, triggering a buy signal. The upswing was very strong and gave us 100% increase in value (from 0.19 USD to 0.38 USD). Amazing, huh?

bat chart

From 8th of November, the price is in a correction mode. It is happening after the breakout of the mid-term down trendline (black). Unfortunately for the buyers, it creates the false breakout pattern (pink), which can be a trigger for a bigger drop. As long as we stay above the yellow support, we are safe but price dropping below can bring us a sell signal.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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