Basic Attention Token on the Rise as Resistance Approaches - Price Analysis

  • Short term: watch for a retrace, especially as Bitcoin gets volatile
  • Long term: likely uptrend established

As we have covered today, some popular altcoins are starting to have major breakouts. Basic Attention Token (BAT) is one such popular altcoin that seems to have found bottom in Q3, and seems like it’s already steaming ahead in its own uptrend -- and closing in on a key resistance level.

We start on a huge weekly BAT/BTC chart to see the full market history. We see that BAT has already broken through perhaps the most important level on the chart’s bottom, at around 2060 sats. This area was the “danger zone” which market a lower price versus BTC than BAT had seen in years.

Spit back up by deep supportBAT chart by TradingView

The next important price is at about 3000 sats, and we can see that BAT is heading for this level. We can also see that volume is coming in well, and likely to be higher this week versus last, breaking a downtrend in this area.

Moving to the daily, we see that the bullish picture is supported by the indicators. BAT has blown past the 55 exponential moving average (EMA) after briefly wrestling with it, and also climbed over another important level at 2360.

Bullish dailyBAT chart by TradingView

We see growing RSI strength matching the price peaks, and consistent histogram strength on those peaks. In fact, the histogram has been green since early September. Again, we see volume growing on the price peaks, suggesting more upside.

Finally, way down on the 2-hour chart, we see a more mixed picture and a possible pullback. A hidden bull divergence is visible so far in October, suggesting a continued uptrend. Volume is holding up even here for the most part, and the histogram has seen higher highs during the month.

Bitcoin pump is causing thisBAT chart by TradingView

Currently, however, this chart has taken a bit of a hit. The reason for this is that, at time of writing, Bitcoin seems to be breaking out of a resistance zone and looking like it could reclaim some lost territory from its massive breakdown three weeks ago. This is typical, and doesn’t necessarily reflect weakness in BAT’s uptrend per se.

In total, it looks like BAT is one of a number of promising, popular altcoins who look to have found their bottoms and reversed. This one will definitely be worth watching in the coming days and weeks.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com

Malaysian Court Fines Local Actor for Role in $50,000 Cryptocurrency Theft

Michael LaVere
  • The Malaysian courts charged local actor Mas Khan with two counts of stealing and a fine of $4000 or 26 months in jail.
  • Khan was accused of stealing nearly $50,000 in crypto-assets from his producer. 

A Malaysian court has fined popular local actor Mas Khan for his role in stealing nearly $50,000 worth of cryptoassets from his producer. 

According to a report by Malay Mail on July 8, Khan was charged with two counts of stealing and a fine of $4,000, or potentially 26 months in jail, for the theft of $50,000 in cryptocurrency from his producer, Datuk A. Aida.

The report claims Khan gained access to the victim’s private keys and stole from the digital wallet on two separate occasions, pilfering $14,000 before emptying the wallet of nearly $36,000. While the report fails to specify what crypto-asset was stolen, both thefts took place on the morning of March 7, 2019 in an upmarket suburb of Taman Ukay Perdana near Kuala Lumpur. 

Khan was sentenced by Magistrate Farah Nasihah after changing his plea to guilty during the third meeting of the case. The accused’s lawyer originally sought a minimum fine on the grounds that his client had been cooperative with authorities since the investigation began. 

However, the report claims Deputy Public Prosecutor Nur Intan Syakieraah Zakaria called for harsher sentencing, given the extensive value of the property that was taken from the victim. 

Featured Image Credit: Photo via Pixabay.com