Bearish Downtrend Channel! Breakout Imminent

Updated

Bearish Downtrend Channels are known for reversals once downtren is broken.

In addition, BONK has established a short term support around the .000012 area. If the .000012 support breaks .0000099 will be revisited.

January 8th or 9th should provide clarity on the direction of move.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions.

Trade active

Stop loss set at support!!

Note

Support is around the .0000112 not the .000012.

Trade closed: stop reached

BONK broke the 4 hour support and retested the support at .0000121.

The failed retest confirmed that BONK is currently in route to test the next support at .000009!

Note

Good News!!! Bullish Divergence forming on the Daily Chart. Accumulation has started in this zone.

A close above the previous support with follow through is a buy confirmation for me.

In addition, the total market cap is starting to increase.

Note

Accumulation is currently in effect. Currently BONK is being accumulated within this zone between the .0000112 and .00000996 area.

BONk has established a strong support zone on the 4 hour time frame which is also developing on the Daily Chart.

The weekly time frame is still intact and bullish at this moment. My re-entry price remains the same at or above the .0000112 support with a stop loss below the .0000099.

Next week will be big for the market whether bullish or bearish.

Note

Good News! BONK has return to the accumulation zone and a daily bullish "HAMMER" candle stick is currently developing withinthe support zone.

A daily candle close is need for the confirmation with follow through.

If the candle close as a bullish HAMMER this will signal a bullish trend reversal is being establish.

The accumulation zone is key for the trend reversal a daily close below the .0000099 area can be detrimental to BONK's growth.

Trade active

BONK finally exited the accumulation zone and re-enter the buy zone. The down trend channel will be tested in this reversal and if broken looking for a swift move to the next level.

Note

BONK has broken out of the bearish downtrend channel and re-tested the channel trendline.

This is bullish!

Note

New support zone at or around the .0000128.

Note

The .000016 resistance played out perfectly for a point of rejection. Price on the 4-hour chart shows a slight retracement, due to bearish divergence forming from two failed attempts.

A test of support around the .0000128 would be healthy and can be a positive signal for a trend continuation.

I am currently looking for the price to go sideways for a few days to weeks within the price range of .0000128 to .0000163.

Once price breaks above the .0000176 another run to the .0000254 area will occur.

Above the .0000254 level would be a retest of the previous high. The longer it takes to get there the better and longer the pump will be.

Note

Bullish Inverted Head abd Shoulders forming on BONK 4 Hour Chart.

Note

BONK is currently in a short term down trend and it is presenting a bullish Divergence on the 4 hour time frame.

The Daily support is currently established around the .0000099 area. This support area is also establishing a bullish Divergence on the daily time frame

Almost time for a BONK break out!!

DJ123

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