BAND/USDT at crucial resistance
Overview: Band has continued its bullish development throughout the month of July. And just as most other low-to-mid cap altcoins, the competition for air in a house on fire with bitcoin remains intense.
This is what I see in the charts:
Analysis: As in all of my charts, the thickness of the support/resistance lines always indicates the work needed to get through it. As you can see, there isn't much left in terms of overhead resistance. The $4.15 area is crucial. From there, we have a $4.65 line of resistance, which is likely pretty weak due to the lack of time spent at those levels, and finally, we have the $5 resistance representing the ATH. If rejected at the current levels, the nearest support at $3.67 is light, but as the bottom of the fan acts also as a long-term trendline, we can use that to get an idea of how far we're going down. Historically,the $3.25 area- (a -20% fall. Be careful here.), has been tested a few times as well. Beyond that, a new strategy would be required.
Deeper Dive: The pitchfan used in this chart simply demonstrates the exponential unfolding of an asset from a breakout point, over a given amount of time. I don't use this as an indicator to buy or sell, but rather as an integral piece of a much larger, developing picture. We could talk about a pretty clear ascending triangle, or the recent head and shoulders that played out, taking BAND to the lowest side of the fan, but I'd rather keep it simple here and focus on overhead resistance, and what it would take to get us to new highs.
Comments: BAND has come a long way, quickly. Some would say it was overdue, others might argue it was too much, too soon. The truth usually lies somewhere in the middle. My opinion is that if the altcoin season continues to blossom, BAND is more likely to continue here as well, rather than falter, but that depends ENTIRELY on the price action of bitcoin.
Final Note: I realize I mention this in every post, but time and again we see it play out in the charts that bitcoin takes over, and all else fades away, requiring days, if not weeks for the small cap coins to recover. Exercise caution and establish a risk management strategy in line with your personal risk tolerance. With that caveat in place, I would say I am optimistic on this project as a whole, and cautiously optimistic in the near-term as I await bitcoin to find a comfortable range again, allowing other projects to ski, rather than drown, in its wake.
Best of luck.
"Every day is a little life. Every rising a little birth. Every fresh morning, a little youth, and every going to rest and sleep, a little death."
This is what I see in the charts:
Analysis: As in all of my charts, the thickness of the support/resistance lines always indicates the work needed to get through it. As you can see, there isn't much left in terms of overhead resistance. The $4.15 area is crucial. From there, we have a $4.65 line of resistance, which is likely pretty weak due to the lack of time spent at those levels, and finally, we have the $5 resistance representing the ATH. If rejected at the current levels, the nearest support at $3.67 is light, but as the bottom of the fan acts also as a long-term trendline, we can use that to get an idea of how far we're going down. Historically,the $3.25 area- (a -20% fall. Be careful here.), has been tested a few times as well. Beyond that, a new strategy would be required.
Deeper Dive: The pitchfan used in this chart simply demonstrates the exponential unfolding of an asset from a breakout point, over a given amount of time. I don't use this as an indicator to buy or sell, but rather as an integral piece of a much larger, developing picture. We could talk about a pretty clear ascending triangle, or the recent head and shoulders that played out, taking BAND to the lowest side of the fan, but I'd rather keep it simple here and focus on overhead resistance, and what it would take to get us to new highs.
Comments: BAND has come a long way, quickly. Some would say it was overdue, others might argue it was too much, too soon. The truth usually lies somewhere in the middle. My opinion is that if the altcoin season continues to blossom, BAND is more likely to continue here as well, rather than falter, but that depends ENTIRELY on the price action of bitcoin.
Final Note: I realize I mention this in every post, but time and again we see it play out in the charts that bitcoin takes over, and all else fades away, requiring days, if not weeks for the small cap coins to recover. Exercise caution and establish a risk management strategy in line with your personal risk tolerance. With that caveat in place, I would say I am optimistic on this project as a whole, and cautiously optimistic in the near-term as I await bitcoin to find a comfortable range again, allowing other projects to ski, rather than drown, in its wake.
Best of luck.
"Every day is a little life. Every rising a little birth. Every fresh morning, a little youth, and every going to rest and sleep, a little death."
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