- BAT price is testing the resistance of the handle of the cup and handle pattern
- BAT price receiving higher buying, says volume analysis
BAT price formed a cup and handle pattern of depth $0.189; thus, a rally of $0.189 is expected if the handle has been broken out. The volume analysis points towards a rising buying pressure as the price range shows a higher weightage of buying than selling at the current levels. The market cap and 24-hour volume are $882,157,913 and $388,447,316 respectively.
BAT Price Risen Above 61.8% Fibonacci Level, But EMAs Major Hurdle
Left Image; A 4-hour time frame chart shows that the price has tested the 50% Fibonacci level by making a long wicked candle and making a doji candle and green body candle, which may be read as a morning star pattern. The pattern may cause a major upward swing upto $0.8 levels. Crucial resistance is found along $0.64 and $ $0.707 levels i.e. 78.6% Fibonacci level and 100% Fibonacci level.
Right Image: The BAT price is restricted from a strong resistance zone created by the 20EMA. 50EMA and 200EMA, at $0.6, $0.61 and $0.62 levels. The 50EMA and 200EMA have also given a bearish crossover, which can bring in huge selling pressure.
The Bollinger Band of the median – 10EMA is indecisive of the direction as the price faces resistance at $0.625 and $0.600, i.e. upper band and media, whereas the lower band is the only support(at $0.5766) for the price besides Fibonacci levels.
The RSI is a 47, which has received strong support from 40-45 zones and hence reduces the chance of reversals in the coin. A successful rally can surge the indicator’s line up unless it faces resistance at 60 and 67-70 zones.
The MACD(8,21,5) is at 0 levels and shows slow line and short line ebbing in sync. A bullish crossover can be expected as the MACD is at neutral territory. To find the future course, wait for the MACD to give a crossover or plummet further.
Conclusion –
BAT price is testing the resistance imposed by the resistance of cup and handle pattern and the knot of 10EMA, 20EMA, 50EMA and 200EMA. However, the price receives strong support from the 50% and 61.8% Fibonacci levels, which may help the coin enter into a bull mode.
Support: $0.586 and $0.55(61.8% and 50% fibonacci levels)
Resistance: $0.6-$0.62(Knot of EMAs) and $0.64(78.6% Fibonacci level)
