Here we see BB creeping up on its trendline established around November 2020. We have seen no real rise from BB and volume has been very down. There are a few signs that point to the downside at the moment.
Let's take a look at the RSI for example. BB has consistently stayed above this red line since its reversal and has kept bullish momentum. Here we see BB is starting to potentially break under this red line which indicates a change in momentum. This could be a bearish sign if BB still holds strong selling pressure.
This is a look at the slightly bigger picture where we can see BB has broken down from its original bullish structure and has since retested this trendline. There was a clear rejection at this level which is a very strong sign of further downward pressure.
Another key thing to note here is the lack of volume! BB can't rise unless there is a rise in volume. The Speculative Market has taken a huge hit in the last 2 weeks and many investors are timid to get back in.
Furthermore, all is not lost yet. Here we see BB is still above the original bullish trendline established after the initial breakout. Until this level is lost BB is still bullish in the long term. The short term may have a high potential for further downside but the big picture is still promising.
BB is in a very strange position. It's very hard to gauge the next move because volatility is down and market conditions are very muddy at this point in time. Looking for more clear signs for the short term. I have given what I expect in the chart!
I hope this analysis helps in any way and questions are more than welcome! Happy Trading!
Let's take a look at the RSI for example. BB has consistently stayed above this red line since its reversal and has kept bullish momentum. Here we see BB is starting to potentially break under this red line which indicates a change in momentum. This could be a bearish sign if BB still holds strong selling pressure.
This is a look at the slightly bigger picture where we can see BB has broken down from its original bullish structure and has since retested this trendline. There was a clear rejection at this level which is a very strong sign of further downward pressure.
Another key thing to note here is the lack of volume! BB can't rise unless there is a rise in volume. The Speculative Market has taken a huge hit in the last 2 weeks and many investors are timid to get back in.
Furthermore, all is not lost yet. Here we see BB is still above the original bullish trendline established after the initial breakout. Until this level is lost BB is still bullish in the long term. The short term may have a high potential for further downside but the big picture is still promising.
BB is in a very strange position. It's very hard to gauge the next move because volatility is down and market conditions are very muddy at this point in time. Looking for more clear signs for the short term. I have given what I expect in the chart!
I hope this analysis helps in any way and questions are more than welcome! Happy Trading!
This is a look at the potential Death Cross we have seen once before on the last big pump that is repeating itself again. The last time we have seen this cross it was followed by a sharp 38% drop.
Now, this is also in congruency with the heavy resistance BB has at the $12. Before the recent drop from BB, it held support around this mark for roughly 13 Days. This has turned into strong resistance where BB is likely to be rejected.
It is important to take note, while I find it unlikely, it is possible for it to break that resistance and in the chance this happens you would look for a retest of the breakout and a bullish scenario may take place.