BALUSDT – Potential 47% gains
BUY: 36.5 – 38.5
STOP: 35 (candle must close below)
-Price has just broken out of the triangle and is now retesting to find support. If it hold expect a bounce.
-Note that if Bitcoin dumps shortly this trade will likely stop out, so manage your risk accordingly.
On D1, the price set local resistance at $ 18 (50% Fibonacci), after which a correction for the upward impulse began. At the current moment, a divergence has formed between the price and the RSI, which indicates a trend change towards the price growth.
On H4, a zigzag pattern of price movement down from the $ 18 level is clearly visible. The RSI reached the...
To keep myself accountable and keep practicing my TA I'll be charting the top 100 crypto's by marketcap over the coming fews days. Any feedback and tips are welcome.
Trend: clear uptrend (HH & HLs)
Points of note:
- 0.382 fib level is strongish support for the current move
- Price currently struggling to break 0.236 resistance and turn it into support
we have some Fibonacci levels between projection and extensions and their confluences and combining them Price Action analysis will give us some better confident for longing the BAT.
what do you think?
The mid-term price target for Balancer is between $30 and $36.
As one of the most promising DeFi platforms built on Ethereum, Balancer continues to gain value in this altcoin cycle. As a new altcoin, Balancer's price action is relying heavily on Fibonacci lines for support and resistance. After cooling off down to somewhere between $19 and $15, Balancer's bull...
BAL has broken the resistance of $17.61 and is now approaching the resistance zone of $19.33. If it can break this resistance of $19.33, it could push towards $20.21, $22.50 and $24.63. Failure to break the resistance at $19.33 could lead to a drop towards $17.61, $16.00 and $14.76.
the price recently lost Local support in 13$ area
Next area of concern is 9-8$
Here i can expect bulls start to enter to save this area
But still not for buying except we see good bullish signs there
If bulls saved next area from further drop it will be a good potential double bottom
but take care because if next area failed to rebounce the price it...
We have just crossed an important leve -1.618 of the latest Waves C. This is confirmation of impulse, and I expect this thing to keep climbing for months. We are going up, but might just be a tad too early to draw goals yet, as we have just, just crossed an important threshold. Not financial advice.
BAL is on a strong recovery and the heading target is at 14$, which is a strong resistance zone and a possible reversal here, so be careful. If this zone is broken, BAL will switch to uptrend and the heading target will be 18$ or even 26$
- Buy close to 10-10.5$, stoploss if B
- Sell: 13-14$, stoploss if A
- Sell: 17-18$, stoploss if A
*DISCLAIMER: I am not a financial advisor and this is not financial advice as these are purely my opinions and speculations. I do not guarantee any results nor am I responsible for your actions. You should always do your own due diligence before trading or investing in this market as it is extremely risky.
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💎Technical Analysis Summary💎
-After breaking its key support last October 15
-The price came back and retest but turns out to be new resistance
-BAL started making a new lower low on this strong downtrend
-If the Bears can keep the momentum alive
-The downside target is around 9100s sat or reverse Fib support 1.618
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