Technical Analysis - BEAM
BEAM/BTC - 03/19/2020
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As shown above, we will be updating the technical analysis of BEAM/BTC from the 22nd of February.
BEAM, as many other altcoins have experienced a vast and tremendous dumpage. It has broken its most important uptrend support and with it any hopes or bullishness soon. It is currently flatlining a little, which might be giving back some possible bullishness, yet real bullish signs are yet to find.
Looking at the MKAST Algorithm, we are still in a sell-position since after the reaction at the primary and significant resistance. This Sell-position is, though, lasting for quite a long time already and is more likely to be reversed soon, with an increase in the TJ-Index. Speaking of which, we are seeing a slow rise and increase in the index, which is slowly starting to show us at least some signs of bullishness again. Moreover, the volume for this pair is already gradually decreasing during this rather strong and yet bearish decline. This shows that Sellers are not as motivated as they were before to keep on selling at the local levels. An experienced trader would be waiting for a bullish engulfing before entering a trade.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!