Chart Analysis: BID/USDT Daily Chart



General View



The chart shows that an upward movement is ongoing in the BID/USDT pair and the price is approaching critical resistance levels. This supports an uptrend that can be observed on higher time frames as well.



Target and Prices



1. Short-Term Goals:


• $14.50 - $15.00: Strong resistance zone in the short term. If the price can break this zone, it could gain further momentum.


• $18.00 - $20.00: Medium-term target zone.


2. Downward Supports:


• $12.00: First strong support area.


• $10.00: Breaking this level could push the price into a deeper correction.



Support and Resistance Levels



1. Support Levels:


• $12.00: A reaction can be received from here if the price loses its current momentum.


• $10.00 - $11.00: Critical major support level. If this area is broken, the trend may weaken.


2. Resistance Levels:


• $14.00 - $15.00: First strong resistance zone.


• $18.00: Main target level in case of continuation of the rise.



Indicators



1. Volume:


• Increasing volume during an uptrend indicates that the price is supported.


• However, a decrease in volume may indicate that the price may have difficulty at resistance levels.


2. RSI:


• If it is approaching the overbought zone (70 and above), the price may correct in the short term.


3. Fibonacci Retracements:


• Major resistance and support levels appear to be consistent with Fibonacci levels.



Formation and Trend Direction



1. Trend:


• The price is in an uptrend. Rising highs and lows indicate that the trend is continuing.


• The current move looks like a flag pattern, and this pattern usually signals a continuation of the trend.


2. Formation:


• If the flag formation breaks upwards, the price may rise to $20.00 levels.



Strategic



1. Advice for Investors:


• Buying Strategy: It is logical to buy close to $12.00 levels. However, it is recommended to use stop-loss in case the supports are broken.


• Breakout Buys: If a volume breakout occurs above the $15.00 level, buying opportunities can be evaluated.


2. Stop-Loss Levels:


• Daily closing below $11.00 level can be used as stop-loss.


3. Profit Taking:


• The first take profit target could be $15.00 levels.


• In the medium term, $18.00 - $20.00 levels can be followed.



Comment



Looking at the current price action, volume, and trend indicators, the price may maintain its upward momentum but could face strong resistance at $14.00-$15.00. It is important for traders to be careful and stick to a set plan.