Crypto Contest March 2: Basic Attention Token

Basic Attention Token (Bittrex: BATBTC) has broken out of the triangle pattern in the weekly chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, BAT began a wave one advance in September 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in November 2018, and the red wave two (blue sub-waves a-b-c) correction ended in February this year. If this wave count is correct, BAT should be heading next towards the November 2018 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Zooming out in the weekly chart, I believe BAT is currently in the red wave three

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.