On the above 2-day chart price action has corrected 90% since the sell signal back in July 2020 following a massive 5500% from the buy signal in January 2020. A number of reasons now exist to be bullish, including:
1) Really? You don’t see it?!
2) Price action has corrected to the 0.786 Fibonacci level, which is also support on past resistance. Look left.
Spotted Bullish Pennant with strong bullish divergence.
Make sure to follow the suggested BUY zone on the chart and always respect the given stop level.
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PA is strong here. lower timeframe 4h, price can hit white MA with next candles... Very tight SL in case that market changes quickly as BTC might drop.
MANAGE YOUR RISK PROPERLY... NOT FINANCIAL ADVICE
BANDBTC has been in a downward trend for more than a year. On the daily this looks like a huge bull flag and there were already a couple of attempts to breakout to the upside in the recent weeks.
It is a good time to watch BANDBTC in my opinion: If it holds above ~1040 we may see a big push to the upside with a lot of potential (~61x).
The volume has been...
In the bigger picture, we can see a perfect Elliot waves count, we have a perfect (i-v) impulse, after that we have an a-b-c correction, that seems to be ending.
With this correction, the price made a massive descending wedge, it did not play that well, but the break down could be a false one. Moreover, a few months ago it started formed an descending channel...
RSI is currently at the bottom; Chaikin money flow is at the top.
The strong RSI trend will force a breakout of CMF (btc moving into the project).
Retest -> boom -> price discovery
Osmosis listing Band too!
The rest of the month should be very bullish.
RSI has hit the trend bottom
Stoch RSI has hit a trend bottom and ready to break out
Price is currently trading 36% under the all-time VWAP
Cloud is slightly bullish
Supertrend is bullish
A major fib time zone level was hit
Band Protocol is starting to show some reversal signs, next impulse should be enough to regain 50MA support!
Current Price= 0.0001362
Buy Entry= 0.0001368 - 0.0001164
Take Profit= 0.0002209 | 0.0003189 | 0.0004976
Stop Loss= 0.0000889
Risk/Reward= 1:2.5 | 1:5.1 | 1:9.84
Expected Profit= +74.49% | +151.90% | +293.05%
Possible Loss= -29.78%
BANDBTC is showing some recent bullish action but with really weak volume... There is hope.
If we look at the last four candles, they are all green but the volume is not very convincing... It feels weak.
This is a short-term analysis as we are only looking from June forward.
BANDBTC is trading near All-Time Lows, in fact, the lowest ever was a long-wick back in...