$BOME Formed A "W" Pattern On The Daily Chart 📈

Bome continues its upside move after testing support at $0.009 and broke its crucial resistance level of $0.012 forming a "W" pattern on the daily time.

📌 In an earlier post I mentioned the bearish flag and pole pattern, following which the breakout came on the downside breaking first support at $0.01 and tested $0.009 as well.

The reversal came at the right time breaking the 7 day Moving Avg ( Blue thread) and coming back inside the channel.

📌 Interesting part is Bome is back in the channel again and to justify the "W" pattern my assumption on the future movement goes like the way drawn in the chart 📈. It made a day's high of $0.01278 and is trading at $0.01214 at the time of writing, gaining above double digits for the day.

🤳🏻What do we expect now?

Today's closing above the resistance and staying within the channel. The last time when it broke the resistance (April 24) was unable to retain itself above this level and formed a "Shooting Star" (red candle) also known as Inverted Hammer which confirmed the decline.

Bome is bullish now, but we have to be a little cautious. Let's wait and watch.

#BOMEBULLISH #altcoins #buythedip #Memecoins #CryptoWatchMay2024

$BOME