After five unsuccessful attempts, Basic Attention Token (BAT)  has broken out from the long-term 3,000-satoshi resistance area.

This is indicative that the price has likely begun a long-term upward trend.

The BAT price had been trading below the 3,000 satoshi resistance area since July 2019. Until now, the price has made five unsuccessful attempts at breaking out. On August 20, the price was finally successful in doing so.

The closest resistance areas are found at 4,610 and 5,530 satoshis, which are the 0.382-0.5 Fib levels of the massive downward move between April-Sept 2019.

Technical indicators are still bullish. The RSI is overbought but has not generated any bearish divergence yet. The MACD has reached the positive territory and is moving upwards.

These are signs that the price is expected to continue moving upwards towards the resistance areas outlined.

Cryptocurrency trader @tradyslim stated that the BAT price is likely to increase even more rapidly:

Don’t forget about $BAT boys n girls. Held like a champ and will be one of the first to get a volume influx. This support looks good and its already bouncing. I took some more positions. We are gonna moon hard this week. Really freaking hard.

Due to the breakout from the aforementioned long-term resistance area, we believe this scenario to be likely.

Beginning in September 2019, it is likely that BAT began a long-term upwards five-wave formation (black in the chart below). The second wave ended in May 2020, and it would be expected for the rate of increase to accelerate afterward, especially since the price has broken out from a long-term resistance area.

Currently, it seems likely that the price is in the third sub-wave (blue) of the larger third wave. Volume has been picking up, so a rapid ascension would confirm the wave count. The increase is also supported by the bullish cross that transpired between the 50 and 200-day moving averages (MA), otherwise known as a golden cross.

Due to the length of the first wave, the third could end near the 0.5 Fib level at 5,530 satoshis.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

The post Basic Attention Token (BAT) Finally Breaks Out from Yearlong Resistance appeared first on BeInCrypto.

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