Basic Attention Token (BAT) has been creating waves in the crypto space recently. Together with their revolutionary BRAVE browser they are aiming to transform the actual ecosystem of digital advertising.
"The token can be used to obtain a variety of advertising and attention-based services on the BAT platform. The utility of the token is based on user attention, which simply means a person’s focused mental engagement."
Holders and crypto enthusiasts all around the world have high expectancy for this token. They have been showing great progress on development side and they are maintaining the 26th place on CMC.
From a technical analysis standpoint which I'm going to approach in this article BAT has been ranging between 0.000023 and 0.000061 horizontals. I wouldn't get too bullish on it until we break that blue zone I've marked in the daily chart below. On the downside we have a clear strong horizontal support at ~0.00003 so that's the first obvious support that would signal me some selling action. Also we have a golden cross that has probably already played.
We had a RSI bearish divergence that dragged it down to the 21 EMA where price bounced up nicely following a doji type candlestick.
Let's see what the lower timeframes are saying. We had a strong 3 drive bearish divergence on the 4H that produced a 10% down move, but the 89 exponential is holding the price nicely so far. My view is pretty simple on BAT at the moment. If we break the 0.00005050 resistance we are likely going for a retest of the blue box and implicitly for new highs. On the other part if we break the 0.00004800 support line in confluence with the 89 EMA I would immediately look for a move towards the 200 EMA which now is ~4500sats level.
The Stochastic oscillator gives mixed signals on different timeframes, so I'm not really putting much weight on it at the moment. However the RSI is in the bullish control zone on pretty much all the TFs from 1H to 1D.
BAT is at a decision point at the moment. I believe that whichever way we break and CONFIRM IT, that will be the medium term trend, but I don't trade my opinion. I trade my technical analysis and many things can change especially on the low tfs. As a tip you should be watching for a bear div on the 1H TF as the RSI got pretty high on the last high.
Always keep an eye on the Bitcoin price action. The volatility is very low and we might soon have a pretty big breakout that could have effects on the altcoin markets.
Thank you for reading my analysis and if you have any suggestions, feedback or questions I highly encourage you to post them in the comments!
DISCLAIMER: This is NOT intended to be financial advice. The content in my articles strictly represents my personal technical analysis and views of the market.
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