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Bitcoin dominance has seen slight declines within the previous three days, to 43.05% from 44.04%. That means that alts reclaimed some market portion compared to BTC. Meanwhile, Bitcoin registered an uptick beyond $40K, triggering bullish reactions in the altcoin space within the past few days. Basic Attention Token (BAT) was among the alternative coins. Moreover, FIB extension regions suggested further upswings for BAT soon.
Basic Attention Token – 2Hr
The charts reveal two regions of interest in the near term. There’s a $0.85 area that has witnessed a bearish block emerge during mid-February sessions. Meanwhile, the past few days saw BAT closing a session beyond this area, breaking it.
Nevertheless, BAT is yet to break the 61.8% FIB extension area near $0.89. The area temporarily stopped the alt’s bullish advance. Analysts plotted FIB levels based on the asset’s surge to $0.766 from $0.56.
Generally, the moves stretch towards the 100% extension zone, which in this case stood around the $0.966 level. Below that, $0.949 presented a horizontal resistance level. Another value level of interest in the near term is the demand area around $0.82. This area has served as support latest, and BAT might test it again.
Reasoning
The Relative Strength Index revealed a bearish divergence with the price over the previous few days. Nevertheless, the RSI stayed beyond the neutral 50, denoting a bullish presence. On-balance volume showed stable buying volume, keeping upward trends within the past fourteen days. Also, CVD displayed increased buying momentum over the last couple of days. Basic Attention Token traded around $0.8442 at this publication, following a 3.97% upswing within the past day. The alt exhibits a bullish stance and seems prepared to rally higher in the coming sessions.
Final Thought
BAT has indicators highlighting a massive bullish strength, accompanied by buying momentum. Though the bearish divergence triggered a retracement, the crypto seemed to head higher again at this publication. The 100% extension zone around $0.966 offered a potential book-profit aim for long positions. However, market players should be cautious as BTC hit the local resistance around $42K and might see rejections during the weekend.
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