$BOME Is Now Trapped Inside The Bearish Flag Pattern And Things Are Looking Sluggish In The Short Term đ
đ« Things are not bullish for Bome yet. On the daily time frame it has been moving forming a bearish flag pattern and today it broke the lower trendline as well (You can draw the same on the 4H time frame as well). Usually after a decline formation of such a pattern indicates further weakness and we may witness some fall, even a support retest in the coming days.
đ Now the most important thing will be today's closing. It is already trading below its crucial support of $0.01 and drawing further down to $0.009. If it breaks down even further the next levels to watch are $0.08 following by final support at 0.007118 on the Binance chart. If it even breaks this final support it'll be in a price discovery mode looking for a new support.
Circumstances can only get better if it stays strong near its support zone and then starts marching ahead. But as of now things are a bit sceptical and could be volatile in the coming days.
đą Keep an eye on the support levels before taking any trade. The market is highly volatile right now and all the major coins are going through a draw down in prices. We may witness the weakness in the week ahead as well. I'll bring a weekly time frame analysis on the market in my next post.
Please #DYOR!! and take your trading decisions wisely. Keep learning, keep growing. đđ°â