BONK/USDT Chart Analysis
1. Target and Prices
The striking triangle formation on the chart has been broken and an upward movement potential has emerged. The following levels stand out as target prices:
• First target: 0.00005000
• Second target: 0.00005800
• Long term target: 0.00007000
2. Support and Resistance Levels
• Supports:
• 0.00004300 (strong support)
• 0.00004000 (major support)
• Resistors:
• 0.00004800 (current resistance)
• 0.00005200 (important resistance zone)
3. Indicators
• Volume: Increasing volume during the upside breakout supports the credibility of the move.
• RSI: Approaching the overbought territory, which increases the possibility of a continuation of the upward move, but could also signal the possibility of a short-term correction.
• MA (Moving Averages): It is trending above the 50-day moving average, indicating that the uptrend remains strong.
4. Formation and Formation Reversals
The descending triangle pattern seen on the chart has been broken upwards. This usually indicates the continuation of a strong trend. The target of the pattern supports an upward movement as much as the height of the triangle.
5. Trend Direction
The trend direction is clearly upward. Previous resistances may be broken and a move towards new highs may be possible.
6. Strategic
• Short Term Strategy:
• It can be expected that the resistance level of 0.00004800 will be broken. The position can be increased by breaking this level.
• Stop-loss: Should be placed at the level of 0.00004300.
• Medium and Long Term Strategy:
• Target levels can be set as 0.00005800 and 0.00007000, respectively.
• To increase your position, wait for the resistances to be broken and dynamically move the stop-loss levels upwards.
7. Comments and Recommendations
• It has the potential to rise after the breakout, but the movements in volume should be followed closely.
• Corrective movements may be seen in lower time frames, so those who trade in the short term should be careful.
• The formation and trend seem suitable for long-term investors, but caution should be exercised when overbought signals occur.
It is important to consider current market dynamics and BTC movements.
