FACTORS TO CONSIDER BEFORE CONCLUDING AN ALTCOIN IS GOING TO BREAKOUT (WORKS 98.89% OF THE TIME!)
RECENT STRONG REJECTION OF #BNX: WHAT'S NEXT?
There are many traders who have have thought that the ongoing price consolidating movement near BNX's resistance will become its basis for the breakout. Albeit, the recent impulsive movement of BNX has made these sentiments go into silent mode.
Thus, we have made this list of factors that one must check before coming into a conclusion than an altcoin will breakout:
- Resistances that will most likely be hit by an altcoin.
- Diminishing buying pressure, slowing the progress of an altcoin's price.
- Several formations indicating a possible strong rejection.
- Ranging movement close to its resistance.
- Signs of weakness that are shown with long bearish wicks.
Once you have a grasp to these ideas and take them as indicators of an imminent drop. Then, you're set for identifying falseouts.
These posts are for educational purposes. To guide the people who might still be struggling within the crypto market, those who are new to the environment and volatility and everyone else who needs it.
Stay wise, trade cautiously.
