Bread VS Bitcoin Resistance To Watch

in bread •  2 years ago 

bread coin cryptocurrency.jpg

Bread token has found the bottom at 4800 satoshis and started to move upwards. While BRD/BTC has been ascending, the price moved withing the uptrend trendline, rejecting it multiple times. At the same time it continues to produce higher highs and higher lows suggesting the beginning of an uptrend.

There are two major resistance levels to watch, first is at 38.2% Fibonacci retracement level, that is 11k satoshis, second and key resistance is at 76.4% Fibs, that is 17.2k satoshis. Break and close above second resistance could send Bread token to the stars, while if rejected, a strong correction is very likely to take place.

On a downside, the uptrend seems to be obvious, although price could retrace back, down to either the uptrend trendline, 50 Moving Average, or in the worst case could form a double bottom at 4800 satoshis prior to moving higher.

Telegram channel:

bread coin cryptocurrency brdbtc technical analysis.png

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!