BFCUSD leading the way amidst the bloodbath

Bifrost (BFCUSD) is having a +50% 1D candle, being among the few big winners of the day amidst the bloodbath in the crypto market. This price action isn't just unexplained impulse buying, as today's low was made on the Lower Lows (bottom) trend-line of the Channel Down pattern that the token has been trading in since early December 2022.

The last two rejections have taken place on the 1D MA100 (green trend-line), which is currently around 0.1600. That is our short-term target. Notice the 1D RSI which every time the price hits the 1D MA100, it hits the 60.300 level. Further buying on Bifrost is justified only if the Lower Highs trend-line of the Channel Down breaks. Similarly, a break below its Lower Lows trend-line can lead to even more aggressive selling to the lower -0.5 Fibonacci extension level.


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