Technical Analysis: #BSW #BullRunAhead #BullishMomentum
General Trend: The currency is in a downward trend within a descending channel, but the price has begun to show some signals of a potential reversal after touching the lower bound of the channel. Fibonacci Levels:
Strong support at 0.0300, which was recently tested at 0.0273.
The first resistance at 0.0486 (23.6% Fibonacci). The next levels of resistance: 0.0602 (38.2%) and 0.0695 (50%).
Moving Averages: MA(5) at 59.99M, MA(10) at 57.19M, indicating volatility in liquidity with no clear direction currently. Trading Volumes: Increase in volume at the bounce, which may indicate the beginning of buyer interest.
If the price can surpass $0.0486 with strong momentum, it may target $0.0602 then $0.0788. Confirmation of the upward trend will be when breaking the descending channel upwards. Stop loss below $0.0300.
⚠️ Note: The market is volatile, so risk management is essential.
