Basic Attention Token VS Bitcoin Breaking Above

Viktor Karapetjanc Crypto Post

On the 13th of June, Basic Attention Token has found the bottom, hitting 2984 satoshis. At the same time it has rejected cleanly the 76.4% Fibonacci retracement level and price started to rise.

Today BAT/BTC broke above the downtrend trendline which could be another indication of the change in trend. Now BAT is likely to start moving high, with the possible prior consolidation. But there is high probability that it will reach the nearest resistance at 61.8% Fibonacci retracement level that is 4717 satoshis, which corresponds with the previous uptrend trendline.

While the consolidation is possible, price could get back to 3k satoshis area to form a double bottom but only a daily break and close below that support level would put more uncertainty in further price development.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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