Bread Breaking Out? Not Yet, Needs More Time
Updated
It is easy to get caught by certain bullish moves, as beginners, and this Bread (BRDBTC) chart is a great example.
Here we can see a strong bounce and break above EMA10 and MA200, which looks very promising and can prompt someone to enter and trade, but there is more to this chart than the EMA10 break and strong bounce.
If you look a bit closer, you can see that the green trendline is yet to be broken, and there is also a conjunction of strong resistance marked by EMA50, EMA100, and EMA200, where BRDBTC price is very likely to be rejected.
On top of that, we are not seeing any volume to confirm this bullish move, which can tell us that rejection is even more likely.
So when we see a chart like this one we do not take any action, we just sit back, watch and relax and see how the chart continues to develop.
Now, if EMA50 (0.00006060) is broken with good strength and volume, we can consider the possibilities of additional gains.
Were you entertained or learned something?
Feel free to hit like to show your support.
Thanks a lot for reading.
This is Alan Masters.
Namaste.
Here we can see a strong bounce and break above EMA10 and MA200, which looks very promising and can prompt someone to enter and trade, but there is more to this chart than the EMA10 break and strong bounce.
If you look a bit closer, you can see that the green trendline is yet to be broken, and there is also a conjunction of strong resistance marked by EMA50, EMA100, and EMA200, where BRDBTC price is very likely to be rejected.
On top of that, we are not seeing any volume to confirm this bullish move, which can tell us that rejection is even more likely.
So when we see a chart like this one we do not take any action, we just sit back, watch and relax and see how the chart continues to develop.
Now, if EMA50 (0.00006060) is broken with good strength and volume, we can consider the possibilities of additional gains.
Were you entertained or learned something?
Feel free to hit like to show your support.
Thanks a lot for reading.
This is Alan Masters.
Namaste.
Note
"Now, if EMA50 (0.00006060) is broken with good strength and volume, we can consider the possibilities of additional gains. "BRBBTC did close above EMA50 and EMA100 on the daily, but there is still no volume, so it can easily drop here:
I hope you enjoyed this analysis...
P.S. This is not a piece of trade advice.
Namaste.
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