- BAT opens the new month trading with a reversal from the key support.
- Technical levels stay intact; further move upside imminent.
The market is staging a recovery on the first day of February following the two selloffs that occurred this week. Most digital assets opened the trading this week making losses and coincidentally are likely to close making lower corrections. However, among the few digital assets reversing the trend after finding refuge at key support areas is Basic Attention Token (BAT).
BAT is seen trading at $0.1156 at press time after recovering from the intraday lows at $0.11238. Prior to the current fall, the asset had recoiled significantly from the previous lows at $0.110327. BAT/USD traded higher lows and higher highs and even stepped above $0.1190. However, the bullish move fell short of $0.1200 as investors rushed to take profits.
In the last 24 hours BAT/USD has been trending lower below the trendline resistance. The bounced above the support at the swing low ($0.112380) is currently testing the resistance at 61.8% Fib retracement level taken between the last high at $0.118474 and a low of $0.11238.
Looking at the 1-hour chart of BAT/USD, we see a strong bullish trend building. Moreover, the price is above both the 50-day and the 100-day Simple Moving Average (SMA) in the same range. In addition, the stochastic oscillator has stepped into the overbought region to show that the bulls are increasing their entries. As far as support is concerned, BAT is supported at $0.1140 as well as at the swing low. A stronger support is highlighted by the previous low at $110327.
BAT/USD 1-hour chart