TA Master | Basic Attention Token has formed strong bullish BAT pattern on week chart and has completed the setup to hit beyond $2
TA Master | Basic Attention Token has formed strong bullish BAT pattern on week chart and has completed the setup to hit beyond $2

By moon333 | moon333 | 26 Oct 2019


Despite the Basic Attention Token has very strong fundamentals and real life use cases on different platforms we will only see the pure technical analysis in this post.

1st breakout and setup of initial leg:

351665157-c89c6e1186cd69e965e7775200c4780a04c4c642a18ca82cd80aa9281e355fed.png
https://www.tradingview.com/x/gQeWRizm/


The price action was moving within a pennant since Mar 2018 and its last hit at support of pennant was On Feb 2019, this was the initial setup of X to A leg of BAT pattern and the price action broke out the pennant resistance on Mar 2019 exactly after a year of the date of entrance in the pennant .

Formation of bullish BAT pattern:

351665157-896b1cbe63d9fa72da8ca7f3b1495b4be9be5405270b05e654c39cfcf6b3828c.png
https://www.tradingview.com/x/y3YsSs8q/
After hitting $0.50 the price correction period started and the priceline dropped down to retest the resistance of the pennant as support but the bulls took over again and they did not let the price action hit the pennant resistance again in the meanwhile the priceline formed a complete bullish BAT pattern as A to B leg was retrace upto 0.50 Fibonacci then B to C leg projected between 0.382 to 0.886 Fibonacci and then C to D leg retraced up to 0.886 Fibonacci, this movement of the price action was perfect as required for BAT pattern .
Now the price action was supposed to take bullish divergence from this potential reversal zone which it has almost taken and now it is moving up.

The indicators and oscillators are turning bullish:

351665157-72a71cab76b054183fae89857a337d7a6f8da0e842e504c0b49e10cad3ae0cba.png

https://www.tradingview.com/x/pCBvD7HC/


Stochastic has given bull cross from oversold zone and strong bullish .

MACD is turned weak bearish form strong bearish and now turning strong bullish soon just wait for bull cross from the MACD its mean that MACD is clearly indicating that the real game is not started yet, it will begin after when the MACD will be turned strong bullish .

Volume oscillator is moving up and this time it is assigned to bulls.

In past price action went very close to lower bands of Bollinger bands but did not hit at the support ever, but this time in Aug 2019 price action has hit lower bands 1st time ever in the life of Basic Attention Token and bounced form this support.

 

The moving averages:

 

351665157-db4567c4696800ef055a907d9926691a99f7e44a39a2ec045ff468278a9f4294.png

https://www.tradingview.com/x/syI9MT5w/

In above figure you can see in Mar 2019 the exponential moving averages EMA 10 and EMA 20 both moving averages crossed down the priceline one after another and lifted the price action up and formed a golden cross which produced a powerful bullish divergence same as like that now again EMA 10 and EMA 20 crossing down the price action and expected to form a golden cross soon which will again produce a powerful bullish move.

 

351665157-f0897676ca9ec5339fa5b2e90007f5ff0e031c338bfcf9b9e83deaba52a4ccd9.png

https://www.tradingview.com/x/yPXpdBdY/


On 1 day chart in Mar and April 2019 the golden crosses between simple moving averages MA 25 , MA 50 , MA 100 and MA 200 completely formed, and alligator mouth was opened which produced massive bull move same as like that again these simple moving averages are opening an alligator mouth you can see in above figure.

 

The trade volume:

351665157-89a129ec325a21f7661eabd19d9707c6ec181ead5fe7e82e6bf05811b2e4a475.png

https://www.tradingview.com/x/bfugaCT9/

 

The volume profile of complete pattern is showing traders interest is very weak at potential reversal zone level and after consolidation the priceline is now moving up and priceline can easily hit the POC level of volume profile .
Volume indicator is also showing that trading volume is also very low during consolidation period.

After getting confirmed from all indicators, moving averages , oscillators and patterns if we place the Fibonacci sequence method to confirm the buying and sell targets then technically the price action should move between price range as below:

Buying zone: $0.14712 to $0.23280

sell zone: $0.28328 to $0.42727

 

 

But the real bullish setup is just completed on Basic Attention Token with Bitcoin pair's chart which can take the priceline above $2:

 

351665157-5f436799f86afc0c6a091c118915dfa32b71d5bbffcd2cb48156fcd2fb3d2f1e.jpeg

https://www.tradingview.com/chart/BATBTC/i9wPxjoq-BATBTC-has-completed-cypher-pattern-Upto-287-profit-expected/

 

On July 28th I published the chart of Basic Attention Token / Bitcoin where the price action has completed a big bullish Cypher pattern on 2 month chart and entered in potential reversal zone.
If you see above chart then the game is not started yet, it has just formed its setup and ready to produce upto 287% profit.
On this chart the volume profile is showing very weak interest of traders at PRZ or potential reversal zone level and we have a very strong support at 0.00002125 sats which is not broken since Mar 2018.
So when on this chart the price action will start bull move then it can be very powerful bull run coz this is the pattern on 2 month chart, but going above the $2 price on BAT with USD chart is subjected to the BTC price if the Bitcoin will move above the $20K then definitely the Basic Attention will move beyond 2 dollars.

Regards,
Atif Akbar (moon333)

 

 

Disclaimer: Every word and figure of above article is purely result of my personal research and work you can share it using my reference moreover the information contained in this article is for education purpose only, this is not intended to be investment advice, so please seek a duly licensed professional for investment advice.

 

 


moon333
moon333

Hi, My name is Atif Akbar and I share my charts about different assets as username moon333, you can find me most of the times among top authors on tradingview


moon333
moon333

Hi my name is Atif Akbar and I am one of the top 3 authors of cryptocurrency trading charts as per tradingveiw I publish there with my username moon333 to verify you can visit: https://www.tradingview.com/markets/cryptocurrencies/ideas/ I also publish the charts of different other assets like forex, commodities, CFDs Stocks e.t.c. Here you will find perfect predictions on different trading assets.

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