Description
⋅ BRDBTC (Bread) just produced a strong bounce after hitting a new All-Time Low.
Prices jumped back above EMA10 and produced a bottom pattern.
BRDBTC Daily (D)
When looking at the daily timeframe, the chart below, we can notice really high volume yesterday.
There is also a strong bullish divergence with the MACD (purple dotted line).
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The next target is marked with a magenta dashed line (MA200) on the chart above.
I also marked our stop-loss.
What happens next?
If prices remain above EMA10, green line, we can see the bullish scenario develop (green arrow).
Breaking below EMA10 can easily send prices lower, but we remain bullish after the drop as long as the weekly candle closes above ATL.
Thanks a lot for reading.
Namaste.