BAT Technical Analysis: Within Consolidation, Bulls Plan A Coup

Key technical points:

Past Performance of BAT

BAT coin price shows a consolidation range formed between the $0.60 and $1 mark, trapping the momentum since January 2022. The sideways trend promotes the bearish alignment of the daily EMAs after the death cross in January. However, the recent reversal comes before reaching the $0.60 support zone instigating an early bullish takeback.

Source-Tradingview

BAT Technical Analysis 

BAT coin price action forms a symmetrical triangle pattern with a relatively more powerful resistance trend line in the daily chart. However, the bulls eased the downfall at the support trendline and projected an upside reversal within the triangle pattern.

The crucial daily EMAs maintain a sideways trend in a bearish alignment providing dynamic resistance to the bullish attempts. Moreover, the EMAs move along with the resistance trendline creating a highly bearish zone.

RSI Indicator: The RSI slope shows a consolidation in the nearly oversold zone after the downfall from the overbought boundary and cracking underneath the 14-day average line. That is why the indicator provides a slightly weak bullish signal with the possibility of an upside reversal within the triangle pattern.

MACD Indicator:  The fast and slow lines enter the negative territory after the bearish crossover and increase the number of negative histograms. However, the recent fall in the negative histograms indicates the underlying bearishness's weakness.

In a nutshell, the BAT technical analysis highlights the possibility of a bullish reversal within the triangle pattern.

Upcoming Trend 

The BAT coin price can reach the resistance trendline of the triangle pattern accounting for a 25% jump. However, the reversal rally can reach the $1 mark if buyers retain the trend control. That is why traders can find buying entry spots at the current market price.

Support Levels: $0.60 and $0.50

Resistance Levels: $0.85 and $1