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Analysis

Bitcoin SV, BAT, Maker Price Analysis: 27 February

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Source: Pixabay

Bitcoin SV formed a bullish pattern on the charts and appeared likely to see a bullish breakout. Basic Attention Token flipped the $0.5-level from resistance to support. Finally, Maker hinted at a northbound move towards $2,400.

Bitcoin SV [BSV]

Bitcoin SV, BAT, Maker Price Analysis: 27 February

Source: BSV/USDT on TradingView

Bitcoin SV was observed to have dropped by 25% from $249 to $185, at the time of writing. Over the past couple of days, BSV retested the $185-level as support twice, while forming a higher low in the process as well – an ascending triangle pattern.

This is a pattern that generally sees a bullish breakout. Before such a breakout, trading volume is expected to be minimal, with the past few hours indeed recording low trading volume.

A move above the $185-level and flipping it to support will be a sign of further upside for BSV. The OBV, which has been on a steady downtrend, would need to see a spike upwards to break the trend and show that buyers have stepped in.

Basic Attention Token [BAT]

Bitcoin SV, BAT, Maker Price Analysis: 27 February

Source: BAT/USD on TradingView

BAT recovered well on the charts after plunging to $0.42 recently. The said recovery has seen buyers step in with conviction, especially in the last 24 hours, as trading volume soared after BAT flipped the $0.5-level from resistance to support.

This is a bullish development for BAT, and the RSI was at 66 and climbing to show bullish momentum, at press time. The Bollinger Bands Width Indicator had been slightly flat when, a couple of days ago, BAT’s bulls tried and failed to conquer the $0.5-level. On its most recent attempt, the BB width indicator also rose strongly to indicate a strong momentum move.

Maker [MKR]

Bitcoin SV, BAT, Maker Price Analysis: 27 February

Source: MKR/USDT on TradingView

Maker was on a downtrend, but it could be broken over the next few hours. The price formed a symmetrical triangle pattern – a continuation pattern, and trading volume also fell to show that market participants were waiting for MKR’s next move.

While a breakout to either direction seemed possible, the Awesome Oscillator formed a bullish twin peak set up, a buy signal on the hourly chart. A move above the 38.2% retracement level at $2,061 on high trading volume will be confirmation of a move to $2,400 for MKR.

Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.