BEAM Investors Have the Advantage, But Could Face Difficulty in the Near Future
Oscillator patterns can benefit patient traders and investors
On Friday, October 18, Beam [BEAM] saw an impressive 9.6% gain. From its October 10 low, the token has gained a respectable 28.1%. The long-term downtrend since April seems to have turned into an accumulation phase.
This is encouraging news for investors, but the Token is not ready to explode yet. Therefore, investors need to be patient and consider buying at the designated support levels.
Oscillator patterns provide multiple trading opportunities over time
Source: BEAM/USDT on TradingView
Since mid-July, BEAM has been trading in a range. This range extends from $0.0115 to $0.0196, representing a 71% difference from low to high. This wide range has provided swing traders with ideal opportunities to buy and sell in recent months.
The mid-range level of $0.0155 also played an important role. This week, this level was retested as support and BEAM bounced higher shortly after. The Awesome Oscillator formed a bullish crossover to signal a change in momentum.
Meanwhile, the A/D indicator has struggled to break above a level that previously served as support in August and September. This means distribution pressure remains dominant, despite the gains in October.
Therefore, traders should be ready to sell BEAM near the range high and may consider opening short positions after a rejection from the $0.0196 level.
The money suction zone could pull the BEAM a little higher
Source: Coinglass
TinTucBitcoin found that there was a large amount of liquidation at $0.0185-$0.0188, and another threshold at $0.0138. At the time of writing, BEAM is trading just below the previous liquidation zone.
Combined with the mid-range level acting as support, it is likely that BEAM investors will push the price up slightly. Waiting for a new test at the $0.0188-$0.0196 zone could bring a bearish reversal.
#tintucbitcoin #Write2Win #MarketDownturn #BinanceTurns7 #IntroToCopytrading $BTC $ETH $BNB
