Technical Analysis - BEAM
BEAM/BTC - 02/26/2020
This Technical Analysis was brought to you by DueDEX.
DueDEX, registered in Belize, is a fair crypto derivatives trading platform that offers unique trading tools. The DueDEX Risk Manager ™️ is a powerful tool that allows you to easily set stop-loss, take-profit and account risk with a slider. The product is unique as the first-of-the-kind offering a comprehensive "DueDEX Risk Management" suite. It is well-designed for both professional traders and those new to margin trading.
As shown above, we will be updating the technical status of BEAM/BTC from the 28th of January 2020.
BEAM has made big moves after our last Update, which was also expected to see. It has tested and broken the resistance we have been talking about now for months. Nevertheless, we saw a vast breakdown following the break of resistance and the Algorithm turning bearish.
The MKAST Algorithm has turned bearish after quite overbought conditions. Unlike the anticipated move, we did not re-test the resistance as support yet came to back down to test the previous uptrend support. Looking at the volume once again, we can see that it is shallow and has no significance, which indicates a possible trend-change soon. The MKAST Algorithm has been on a bearish state for quite a while now, and we could be expecting a change slowly there as well since the Heikin Ashi candles are also getting smaller and indecisive. All in all, we are looking and expecting a trend-change soon, yet still have to keep in mind that I could see a breakdown and re-test of the green box below the uptrend support.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!