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- BAT price has broken out of the cup pattern and surged by 5-6% to confirm the breakout
- BAT price facing immediate resistance from 78.6% Fibonacci level, volume needs to vary of
BAT coin has surged by 5% to confirm the breakout, but the lower volume and immediate Fibonacci level – 78.6% interrupted the bull run. The volumes are still the same as before, which points towards a weak bull rally, while the price range volume analysis also raises concern, as the volume comprises equal buyers and sellers; this can cause consolidation. The market cap and 24-hour volume are $925,997,407 and $388,169,474 respectively.
BAT Coin In Overbought Territory, Expect Minuscule Swing
BAT coin’s price in the left image(4-hour time frame) seems to face strong resistance from the 78.6% Fibonacci level($0.642), whereas making bearish doji candles can consolidate the price or bring in reversal.
The price is gliding above 10EMA and 50EMA, which are at $.57 levels, while the 20EMA is forcing the price down at $0.63.
The Bollinger Bands of the median – 10EMA are still contracting, so the breakout failed to bring in large buying and selling pressure that could help the coin to surge. The lower band and median are at $0.468 and $0.577, whereas the upper band is at $0.68.
The RSI is near the overbought territory, i.e. 73 levels; this reduces the probability of surging forward or may bring in a minuscule rally in the daily time frame. Resistance lies at 80 and 88. Support is at the 58-60 zone.
The MACD(8,215) has given a bullish crossover, but the signal and slow line overlap each other, creating indecisiveness as the bulls haven’t entered the coin yet. Considering MACD’s altitude, a strong rally may not be possible.
Conclusion –
BAT coin’s price has given a breakout from the cup pattern on the 4-hour chart but failed to rise further due to multiple resistance and overbought levels of price. The price is expected to resume a rally if it surges above the 78.6% Fibonacci level, i.e. $0.64. A successful rally can surge the price by 30% up to $0.8
Support: $0.6(61.85 Fibonacci Level) and $0.56-$0.57(10EMa and 50 EMA)
Resistance: $0.64(78.6% fibonacci level), $0.686(Upper BB) and $0.707(100% Fibonacci Level)
Also Read: https://www.thecoinrepublic.com/2021/02/18/bat-price-analysis-the-rally-is-not-over-yet/
