BZRX - Potential For a Bounce off EMA levels? 50%+ Gains?
Updated
BZRX has seen a good bounce in recent weeks along with the rest of the defi sector. VERY bullish behaviour across the market.
This is to be expected, mainstream investors are getting into crypto and DeFi is kind of like if you took mainstream investing, pumped it full of steroids and gave it a pound of crack.
Anyway...
RSI is currently looking on the oversold side.
Volume is declining on the buy side.
MACD posted a bullish cross but nothing to wright home about.
Expect a retrace, probably to EMA levels on the chart. Good chance to open a long position here but see what happens when it get there. If it blows past the levels and closes there we might be in for a bit of a bear spell on the BZRX. If it holds steady it is going to reinforce the bull trend and it's an easy 50+ plus to the next target area.
This isn't financial advice. But if it was it's free, so take that into consideration if you're going to complain.
This is to be expected, mainstream investors are getting into crypto and DeFi is kind of like if you took mainstream investing, pumped it full of steroids and gave it a pound of crack.
Anyway...
RSI is currently looking on the oversold side.
Volume is declining on the buy side.
MACD posted a bullish cross but nothing to wright home about.
Expect a retrace, probably to EMA levels on the chart. Good chance to open a long position here but see what happens when it get there. If it blows past the levels and closes there we might be in for a bit of a bear spell on the BZRX. If it holds steady it is going to reinforce the bull trend and it's an easy 50+ plus to the next target area.
This isn't financial advice. But if it was it's free, so take that into consideration if you're going to complain.
Note
Likely invalidated by bearish BTC movement.Note
Position hasn't stopped out yet lol. May have actually set a decent SL for the first time in my whole life it feels like.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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