BELABTC

BELABTC

Like they say, ROCK BOTTOM pays. A perfect example of this is THE BELACOIN CHART.

BELACOIN (BELA) has continued its negative slide over the past month, having lost 75% of its value since the all-time high set in January.The market cap now stands  $3,503,423 USD, with  $81,852 USD in trading volume over the past 24 hours. As the team are are getting it ready for a massive upgrade in terms of its tech and features. This a call COIN SWAP From Sovereign Blockchain to ERC20.

ERC20 Bela has a couple new features: a first-of-its-kind ERC20 staking system and the ability to  share your staking profits with 3rd parties. On April 3rd, Belacoin will be allowing Bela holders to swap their old Bela to ERC20 Bela on a 1:1 ratio.With all these upcoming developments, the coin would likely see a new high in price. Indicators like RSI(relative strenght index), ICHIMOKU CLOUD and potential resistance and support levels can be used to determine if a trend exists or when the next breakout move may occur.

TECHNICAL ANALYSIS:

On the 1 day chart, despite being in an obvious downtrend since January, a potential falling wedge type pattern has been forming over the past 73 days,in which the price has currently brokenout of the wedge.

Till on the 1DAY time frame chart, price has significantly moved down to currently sit on the previous support being held back in 2014 down to 2016. This marks a slight end to the downward movement as the important zone (in red) has been reach, more move towards the red zone would likely take place( as show below)  with the RSI breaking out to cross 50 which is the most important number to be hold before the confirmation of a bearish or bullish move.

BOLINGER BANDS, the first BB SQUEEZE ( constriction) of the year. When the bands are close or tight this means that the price is getting close to a move, which will result to bullish or bearish expansion.

If they are tight and the price is above the median line, it is more likely to break up than to break down, same goes to when the price is below the median line.

And lastly the usd of ICHIMOKU CLOUD (DOUBLED CLOUD) and the use of THE PSYCHOLOGY OF A MARKET CIRCLE.

The layout are crystal clear with the slight movement of the price currently at the anger and depression levels of the picture and the chart. Using the cloud settings, a possible TK bullish crossing is likely to happen below the cloud as price will gradually move there.

price has moved down so fast and the trend is currently seeking for a pull back in trend.

TECHNICALS suggest price is nearing an inflection point. Although bearish momentum may be waning, price remains in a strong downtrend near a key support level(red zone). A definite bullish reversal would trigger with a strong bullish TK crossing below the cloud, and also a proper break of the 73 day and counting falling wedge chart pattern with targets of 0.00001645sats and eventually between 0.00002367.

 

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

$COV HODL

 

 

 

 

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