Technical Analysis - BEAM
BEAM/BTC - 12/30/2019
As shown in the chart above, we will be updating the BEAM/BTC Technical Analysis from the 21st of November.
Since the last analysis, we have moved on quite a bit and find ourselves right now in a slightly bullish market structure. Nevertheless, this structure needs to show some support and give a reaction to the price. Otherwise, we will see further downside. As it seems, BEAM is in an ascending triangle structure, which is mostly a bullish one, on the breakout. Meaning before the breakout, one can only anticipate and calculate probabilities while still being at risk of a breakdown.
BEAM is still in a bullish structure. Nevertheless, the MKAST algorithm is still on a Sell-Signal. Combined with a rather mediocre TJ-Index, which is as well not showing any bullish signs yet, there is slightly more hope than facts, which would lead to an increase in the price of BEAM. The only sign of bullishness is the dominating buy-volume around the triangle support, yet it is right now the single sign to see. An area of interest for an experienced trader would be between 700-650.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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