Cryptoforecast #1 2020/09/10- Update on BAL/BTC

By eagleboy | cryptoforecast | 13 Sep 2020


Hello everyone,

Eagleboy here again after a while with some crypto analysis on BAL/BTC. bAL or Balancer is a non-custodial portfolio manager, liquidity provider, and price sensor. You can check more info in balancer.finance. Starting with a daily chart we can easily understant that there is not something quite clear so we won't lose time on this.

efa15c4f4c141979e84e01bcdc832f469e9813511a61863e19f44f4c53d6ccf7.jpeg

We will continue to a 4h chart, zooming into the chart to see how it's moving and maybe to predict the next movement.

372b01450074b2479bcc55c5c88d374a750a685bfa7cae36ae98d6890e1a5911.jpeg

As we can se it rejected the level near the blue line. The black line coming from the higher price levels has become the resistance. Probably, now, the lower black line will become the support on that price level. Touching the lower black line will be a good entry for buying some BAL. But never forget the stop loss because if it continues lower from the support level it will be a bad scenario.

Lets continue zooming to a 1h chart and make a possible scenario of the next movement.

185197816273a6fcede5501ec83e3271af19b74cbd958f389e6cf3f53f6b3803.jpeg

The red lines shows possible support & resistance price levels. The green line shows the possible support level where the price will probably bounce and follow the red arrows. Of course that is only my opinion and idea. On the other hand following that pattern seems to be a rising wedge which is a bad thing. But if it brakes the price level above the higher black line and the last red arrow it will be a great opportunity for buying some BAL.

Keep up the good work everyone! Hope I helped!

How do you rate this article?


0

0

eagleboy
eagleboy

Hello there, I am Spiros or Eagleboy, I am a mechanical engineer and I am occupying with crypto more or less for 4 years. I like to study for technical analysis and write articles about it.


cryptoforecast
cryptoforecast

Ideas & analysis of crypto markets

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.