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 to have a great bounce, and according to the chart it could happens today or tommorow.
We see that the 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 !
Thank you !
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
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 !
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