Current situation on the chart
The BB/USDT asset analysis on the daily timeframe shows the formation of a "descending triangle" pattern, which often indicates a continuation of the downward movement. The price is under pressure, trading below the main moving averages, which confirms the bearish sentiment in the market. 🐻
Key support and resistance levels:
Support: $0.0760
Resistance: $0.3200, $0.3818, $0.4789
Indicator:
Ichimoku Cloud: The cloud is above the price, which signals a continuation of the downtrend.
Bollinger Bands: Price is at the bottom of the range, which may indicate further declines are possible.
Parabolic SAR: Positioning of SAR dots above the price confirms the current bearish trend.
Forecast:
A breakout of the support level at $0.0760 may lead to a further decline in the asset, with a target of 70% below the current price. However, if the resistance at $0.3200 is broken, growth to $0.5469 can be expected, which will be about 161% of the current price. 📈
Buyers should pay attention to a possible trend reversal upon breaking through the upper border of the triangle and consolidation above the $0.3200 level. However, as long as the price remains below this level, the market remains bearish. 🐻
