Technical Analysis - BEAM
BEAM/BTC - 04/20/2020
As shown above, we will be updating the BEAM/BTC technical analysis Update from the 19 of March 2020.
After the tremendous break of market structure and uptrend, support BEAM has found itself in a very dramatic downtrend. After the enormous initial drop, it has been slowly and slightly ranging while creating an exciting market structure for traders. One could see this as a descending channel, others as a falling wedge, or even a bull flag. Currently, some of the significant Altcoins pairs are witnessing an upsurge, which could lead to a bullish break of structure on BEAM as well.
Looking at the MKAST Algorithm, we are finding ourselves in a bullish condition. This condition its obviously supported by the TJ-Index, which is now rising and increasing. This increase is creating a bullish divergence on BEAM, furthermore confirming the slightly bullish bias. The cherry on the top is here is the sell volume, which is clearly not significant in the latest decline. This shows that sellers are stepping out of the market and lowering their pressure. An experienced trader would note the bullish divergences and wait patiently for a bullish engulfing, which would be the final signal to look for entries.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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