Hello Traders! CTDave here again with another daily price analysis chart.
In this analysis, I will analyze Balancer (BAL).
As you can see from the chart, BAL is in a downward channel right now. As of now, BAL has approached the support line and it's waiting to get going up short term again. However, as indicated by the red arrow, it will go down after going to ~$10-11.
Right now, the RSI indicator shows almost oversold which indicates that it's going to go up. Also, looking at the RSI, I have shown how RSI likes to behave based on my experience. The white arrows indicate the path while the orange circled spots show that RSI made a "double bottom". Right now, expect a similar behavior; a rise, and then a drop lower.
After Balancer hits the bottom of the channel, expect a reversal and a breakout to the upside. Thanks for reading!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
In this analysis, I will analyze Balancer (BAL).
As you can see from the chart, BAL is in a downward channel right now. As of now, BAL has approached the support line and it's waiting to get going up short term again. However, as indicated by the red arrow, it will go down after going to ~$10-11.
Right now, the RSI indicator shows almost oversold which indicates that it's going to go up. Also, looking at the RSI, I have shown how RSI likes to behave based on my experience. The white arrows indicate the path while the orange circled spots show that RSI made a "double bottom". Right now, expect a similar behavior; a rise, and then a drop lower.
After Balancer hits the bottom of the channel, expect a reversal and a breakout to the upside. Thanks for reading!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
