BAT Coin Price Analysis: The coin has formed a triple top on the daily chart after a head and shoulders pattern
- BAT Coin Price has formed a triple top formation and is showing bearish signs on the hourly chart
- MACD indicator signals bearishness for the coin
- The coin fails multiple supports on the hourly chart
BAT coin price has been between $ 1.045 and $ 1.40 since the month of November. The coin made a brief attempt to break out from the zone during the end of December after forming a double bottom but failed to continue above the $ 1.40 level. The coin then formed a head and shoulders pattern (generally a bearish pattern)and continued in the range. The coin has now formed a tripe top and is nearing the support level. If the coin fails the support, the coin can be expected to fall to the level of $ 0.65. The Moving Average Convergence Divergence (MACD) indicator is showing bearish signs for the coin with the bearish histograms increasing in size. The volumes for the coin also have been very low.
BAT Coin Price was in a parallel bullish zone before breaking out of it. The path of the coin has been depicted in the chart above. The coin failed to test support after breaking out of the bullish trend. The coin started the bullish trend at the end of December and continued the trend till a couple of days back. The coin made a sharp fall after failing the support trendline of the zone. The coin then took support at $ 1.11 which was the earlier support for the coin. The coin then failed this support as well and has now taken support at $ 1.045. The coin looks to continue in this zone for the next few trading sessions.
Conclusion: The coin has been bearish for a while now and is very close to its support after a triple top formation in the zone. This is a bearish sign but it remains to be seen how the coin will behave at the support level. Traders can keep an eye on the support level of the coin and execute trades accordingly.
Support: $ 1.05
Resistance: $ 1.40
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