Today I want to share my thoughts on BAL. Well, price was moving in a channel for about 3 months and now as you can see on the chart, momentum of
the bull run was getting weak ( yellow arrow ) and each time price was creating a weaker high compare to the last high. So the price was expected to fall.
Now it has broken the and has made a pullback on shorter timeframes and has gotten rejected. Also the negative divergence in was obvious.
Another reason for me that price can go lower is that it has lost the 50 MA and 100 MA support on daily and if the daily candle closes below 100 MA ( green line)
then it is likely that the price is going to touch the 200 MA ( blue line ). Also in the daily, price has lost the cloud`s support. Also the is not noticeable in this area. So in my opinion, when the daily candle closes and if it closes below the 100 MA and also below the of the channel, then you can open a short position here. Targets can be 44$ and then 40$. Stop loss if the daily candle closes above the support line and 100 MA.
🚩 Always remember to put stop loss for your orders in order to reduce the risk of your trades.
🚩 Always keep an eye on BTC chart as well because it can affect the movement of altcoins as you all know my dear traders.
If you want to check out my other analysis , I have linked them below and also don`t forget to follow me for further updates and new analysis.
Thank you guys for reading my idea on BAL and don`t forget to comment what you think. ✌