$BONK Won't Crash From Here 📉
Assuming this to be an 'M' pattern getting formed is one big misconception.
Let me explain.
📊 After breaking out of the falling wedge successfully on the daily chart, Bonk surged from $0.000015 to almost $0.00003 in less than a week. Then continuing a sideways movement it made multiple retests at support levels of $0.000025 & $0.000022.
Now, it entered the Ascending Channel.
📊 The surge continued with a massive reversal from $0.000025 support forming an inverted 'Head & Shoulders' pattern (marked in yellow) which is a bullish pattern.
As a result it broke out of the ascending channel and almost came near to its ATH of $0.000048.
Now let's mark this as a double top. Soon, the price pulled back and now we are seeing Bonk hovering around $0.000034 which is the immediate support, S1.
Let's consider the worst case scenario. Going downward the next support levels we have are at $0.00003 followed by $0.000025. Even if Bonk breaks S2, it'll take support on the lower trendline of the channel & we could witness a reversal from $0.000028. So reaching S3 can be put out of the equation as of now.
This is what the current situation looks like. Yes, there is slight weakness that may prevail for some time but that doesn't make it weak enough to crash down straight to $0.000011 and make it a joke.
So, those 'M' pattern analysts, keep dreaming and get some elementary trading lessons.
*This is not investment advice. Please do your own research before taking any trade.
