Technical Analysis - BEAM
BEAM/BTC - 01/28/2020
As shown in the chart above, we will be updating the BEAM/BTC Technical Analysis from the 30th of December.
Since the last update, BEAM has broken down the uptrend support and went for the mentioned re-test of the previous lows, which so far have been holding the price there. Therefore, it is interesting to see how BEAM will be reacting when it enters the green box below again. The chances are high that BEAM might bounce there and finally get the upwards movement, which we have been anticipating and expecting for quite a while now.
Looking at the MKAST algorithm with slower settings, we can see being in a buy-signal on a rising structure, which is not wrong, yet seeing this position for such a long time, it seems to be exhausted and plays into the setting of this looking more like a bear flag structure. To confirm this narrative, we look at the TJ-Index and see the index being quite high and moving down, which is an indication of an incoming trend-change. We don’t talk in absolute sin here and take into consideration that BEAM just is swinging a building a bullish structure on the MTF, which is not clearly shown on an HTF chart, causing this structure to break upwards. Yet again, looking at the volume, we should be seeing a significant amount of buyers stepping in.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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