$BAL developing a Cup&Handle pattern in 1D time frame...
if this chart idea will materialize it will explode like $ATOM weeks ago... this chart looks like already happened in my $ATOM's chart a weeks ago...
Trade at your own risk !
Planning when to jump in?
The run up formation looks good and if it goes to plan, somewhere along these fib levels, there is a likely buy signal to be found.
The key to this is the support trend line and the triangle macro formation....if this comes about, then a 1,2,3 impulse to the support level as the green zone, with a daily bullish...
-break out trend line
-head and shoulders
- R/R 1/5
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the price recently lost Local support in 13$ 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...
While BTC does another ranging price action, the ALTs are coming into play.
BAL has a nice trend formation on the 8 hrly and now is at a strong resistance.
I have 2 scenarios where the resistance is broken decisively or its consolidated underneath this resistance layer.
Either way, looking at the MACRO structure, the following can be observed:
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