BAT (LON:BATS) appeared to be gearing up for a bull run early this morning after the asset banked a 2.23% gain against BTC and managed to break above a six-day psychological resistance at 4,000 Sats. However not long after this pump occurred, the asset ran into a strong downtrending resistance at around 4,162 Sats – having already failed to break above this level earlier this month. Hopes that the breaking news from Taiwanese electronics giant, HTC, yesterday would encourage a late resurgence of BAT support today, are starting to look unlikely as the asset has already begun to unravel its earlier gains. Right now, the asset is holding on to a marginal 0.67% against BTC and trying to stay in the green.

Will this turn out to be just a correction phase or will bears succeed in driving BAT back down to its lower supports? Let’s take a look.

On the 1D BAT/BTC chart, we can see that the asset has been range-bound between the 3,941 Sats and 4,236 Sats level for most of this week (green shaded area). Historically, these two levels have been key support and resistance areas for the asset – particularly on October 25, prior to the Coinba…

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