Atoxal
Long

BRD - BTC LONG (short term analysis)

BINANCE:BRDBTC   Bread / Bitcoin
Hey guys thank you very much to open this idea ! It is actually my first TA, keep it in mind while reading this please.

I choose a 2hours chart as the trading on this crypto is quite young.

We can see on the chart tat BRD             has a strong support on the red line.
I see Bread evolving in a channel since 2 weeks (green and red line).

My short term prevision is that BRD             is going to bounce from the red line, crossing the actual resistance (blue line in the channel), to reach the green resistence (upper resistence of the channel). We need some volume to have a great bounce, and according to the chart it could happens today or tommorow.

We see that the RSI is almoste reaching 30, which means that BRD             is oversold, and should be boucing soon.

Disclaimer : This is absolutely not an invesment advice, as it is my first TA, and that I have been investing since a few weeks only in crypto assets.

Do not hesitate to give any advice, as my main objective with this post is to improve my knowledge and skill.

Thank you for your time !
Comment: We might have a breakout here. Volume has to climb if we want to reach the green line. Again, first TA so feel free to comment, as I am here to learn !

Thank you !
Comment:
Comment: 30 min chart here
Comment:

As you can see on the one hour chart, we did break the blue resistance, but we fail to take off.

As a result, we are moving along the red support, until some volume come (might be a reason why we did not take off : lack of volume)

I will continue to monitor this trade, as I have a lot to learn from it. Again, any recommendations are welcome !

Thank you for your time
Comment:

As you might see, the support line I choosed was broken. As this is more an educational post than a Analysis post, the discussion is open (your thought on this interest me a lot, as I thought the support line was good) :

Why was the support line broken according to you ? Was it because of the general trend in the market and the BTC fluctuation, or because I didn't choose the right support line ?

Thank you in advance for your feedback on this one !
I can't remember how many times it failed to take off in the recent days, the chart obviously said it's ready, but then it dived :D
Reply
Atoxal DuyNguyend4
@DuyNguyend4, we might have some news coming in 2 days : https://www.reddit.com/r/breadtoken/comments/7tcids/partnership_news_will_come_on_feb_1st_bimonthly/

It could (or not) bring more volume if the partnership is worth it. We'll see, but indeed we need something to bring more volume
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