ninjacookies
Long

BEAM BTC Possible breakout

BINANCE:BEAMBTC   Beam / Bitcoin
Beam is following the way of many alts that have already broken out and began a fresh uptrend. But it seems Beam may be lagging behind the pack.

We see price action has exited a descending wedge pattern with strong bullish divergence on the daily. Action appears as though it may be flattening, which could signal an accumulation phase. Volume in this area is decent. As with many other breakouts, the big pump typically occurs as the RSI finds its way above the 40 range.

This is a risky trade, as this is an alt with low liquidity. But the risk to reward ratio is highly favorable. The biggest issue is...there may not be a bottom.

Entry will absolutely have to be made with a tight stop loss. I'd recommend an area between 360 and 370 sats to be relatively safe.

This has strong potential to bounce back up into the 680 satoshi range if all things go according to plan. Of course this will be highly dependent on Bitcoin's moves.


This is not financial advice.

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