BionTech Fastly Approaching Major Resistance, Will we Break?
Hi Guys, this is a Technical Analysis on BionTech (BNTX) on the 3 Day Timeframe.
We are currently approaching a MAJOR RESISTANCE Trendline.
This Trend started from the TOP in 08/2021.
Everytime we've interacted with it in the past, we've been REJECTED.
Will we get Rejected again?
Well, we've had 3 touch points already. In trendline theory, it states that atleast 3 touches are required before a trendline is weak enough to break through. So, it is possible that a break can occur.
With risk of new variants, hospitalizations of COVID increasing and a push of government to get people to get boosters, this could be a chance for Trend change to UPSIDE for BNTX.
BUT just looking at it in a pure TA lens, i wouldn't just start buying now.
I would wait for a break above the Trendline and CONFIRMATION above it.
Also with the break, note that VOLUME should be spiking and increasing.
We should not see a DECLINE in Volume as we break through.
That can be signs of a FAKEOUT.
We are also reaching some Resistance from a Support line turned Resistance line.
Now lets look at our indicators for more evidence.
RSI -> We've had the Lowest RSI reading on May 09,2023 EVER in BNTX history. This could be a catalyst for more buying pressure and a trend change. We also broke above RSI Red Resistance line.
MACD-> A momentum indicator, has crossed BULLISH, below the 0 level. If we continue this bullish momentum and the Blue/Orange lines move above the 0 level, this can be inject the well needed momentum for BNTX to increase in price.
STOCH RSI -> Is also in a BUllish cross and it shows that theres plenty of room for momentum to continue.
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Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on BNTX in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
We are currently approaching a MAJOR RESISTANCE Trendline.
This Trend started from the TOP in 08/2021.
Everytime we've interacted with it in the past, we've been REJECTED.
Will we get Rejected again?
Well, we've had 3 touch points already. In trendline theory, it states that atleast 3 touches are required before a trendline is weak enough to break through. So, it is possible that a break can occur.
With risk of new variants, hospitalizations of COVID increasing and a push of government to get people to get boosters, this could be a chance for Trend change to UPSIDE for BNTX.
BUT just looking at it in a pure TA lens, i wouldn't just start buying now.
I would wait for a break above the Trendline and CONFIRMATION above it.
Also with the break, note that VOLUME should be spiking and increasing.
We should not see a DECLINE in Volume as we break through.
That can be signs of a FAKEOUT.
We are also reaching some Resistance from a Support line turned Resistance line.
Now lets look at our indicators for more evidence.
RSI -> We've had the Lowest RSI reading on May 09,2023 EVER in BNTX history. This could be a catalyst for more buying pressure and a trend change. We also broke above RSI Red Resistance line.
MACD-> A momentum indicator, has crossed BULLISH, below the 0 level. If we continue this bullish momentum and the Blue/Orange lines move above the 0 level, this can be inject the well needed momentum for BNTX to increase in price.
STOCH RSI -> Is also in a BUllish cross and it shows that theres plenty of room for momentum to continue.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on BNTX in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
Comment:
We have pierced the RESISTANCE Trendline. Need to wait on confirmation.
Comment:
We are currently in the process of Testing SUPPORT on this "Major Resistance" line and Horizontal Resistance turned Support line.
2 days of Success, where we respected the lines. We need to continue to see this or see a bounce from here.
We also got a GOLDEN CROSS that could help support our attempt to Trend Change.
Keep your eyes out for more updates.
We are currently in the process of Testing SUPPORT on this "Major Resistance" line and Horizontal Resistance turned Support line.
2 days of Success, where we respected the lines. We need to continue to see this or see a bounce from here.
We also got a GOLDEN CROSS that could help support our attempt to Trend Change.
Keep your eyes out for more updates.
Comment:
Ideally I would like to see BNTX maintain SUPPORT on 21 EMA.
STOCH RSI should also Cross bullish ABOVE 20 lvl.
Larger timeframes showing some warning signs. Stay tuned for updates.
Ideally I would like to see BNTX maintain SUPPORT on 21 EMA.
STOCH RSI should also Cross bullish ABOVE 20 lvl.
Larger timeframes showing some warning signs. Stay tuned for updates.
Comment:
Update on some warning signs.
This is on the 3 Day timeframe.
So we have till September 18th to print this current candle.
We are currently in the process of Testing Support on the 21 EMA.
It is CRUCIAL we maintain this.
Since, we are BELOW the Major Resistance line.
If we confirm BELOW the 21 EMA. It may indicate another REJECTION.
Ideally, We need to see price come back ABOVE the "Major Resistance" RED Trendline by 18th of September.
Also take a look at the Channel ive highlighted. This is, "Until Proven Otherwise" our current trajectory. Bouncing Between upper and lower limits of this.
Notice we've been rejected from the median line of the channel.
Important to pay attention to this current 3 Day candle.
Stay tuned for more updates.
Update on some warning signs.
This is on the 3 Day timeframe.
So we have till September 18th to print this current candle.
We are currently in the process of Testing Support on the 21 EMA.
It is CRUCIAL we maintain this.
Since, we are BELOW the Major Resistance line.
If we confirm BELOW the 21 EMA. It may indicate another REJECTION.
Ideally, We need to see price come back ABOVE the "Major Resistance" RED Trendline by 18th of September.
Also take a look at the Channel ive highlighted. This is, "Until Proven Otherwise" our current trajectory. Bouncing Between upper and lower limits of this.
Notice we've been rejected from the median line of the channel.
Important to pay attention to this current 3 Day candle.
Stay tuned for more updates.
Comment:
On the 1 day chart we can see, that we have come back down below the Major Resistance Line.
And are currently Below both the 21 EMA(Purple) and the 50 SMA (Green).
The GOLDEN CROSS is still intact as well.
If we continue to move down below the 50 SMA however, this could lead to a Deathcross.
Our currently daily candle is also a Bearish Engulfing Candle.
Notice however, we have touched and WICKED from the 0.5 FIB retracement level.
This level also coincides with a support area from previous history looking left.
Watch how we interact with this area in the coming days.
RSI has also has come down to Oversold area, watch this as well. Look for it to Curve up and print a Higher low. This would support the case of finding support here.
Remember the key is for BNTX to break above and CONFIRM ABOVE the Red "Major Resistance" line.
On the 1 day chart we can see, that we have come back down below the Major Resistance Line.
And are currently Below both the 21 EMA(Purple) and the 50 SMA (Green).
The GOLDEN CROSS is still intact as well.
If we continue to move down below the 50 SMA however, this could lead to a Deathcross.
Our currently daily candle is also a Bearish Engulfing Candle.
Notice however, we have touched and WICKED from the 0.5 FIB retracement level.
This level also coincides with a support area from previous history looking left.
Watch how we interact with this area in the coming days.
RSI has also has come down to Oversold area, watch this as well. Look for it to Curve up and print a Higher low. This would support the case of finding support here.
Remember the key is for BNTX to break above and CONFIRM ABOVE the Red "Major Resistance" line.
