Hello everyone!
Bringing you a BRD chart today with multiple targets, short to mid term!
Decided to put some links to the coin up so there's no confusion which I'm writing about.
https://brd.com/
https://coinmarketcap.com/currencies/bread/
https://etherscan.io/token/0x558ec3152e2eb2174905cd19aea4e34a23de9ad6
Let's go right to the chart to see what awaits us!
I've pulled some resistance lines based on the historical price action and pulled a fib and used those levels to determine my targets.
https://www.tradingview.com/x/HjNkVcl9/
At the moment price is sitting at around 1220 satoshi, trying to break the resistance which we can see by looking to the left correlates to the 0.5 fib line, thus a breakout from this resistance is the key point for the trade.
The first, short term target, is sitting at around 1314 satoshi which would yield ~7.25% gain given an entry at this point.
This target derived from the price acting as a resistance at this level twice in the past and the 0.618 fibline.
The second, also more shorter term target is the area around 1550 satoshi, giving a profit of about 24.5% if it hits.
A resistance area from around 1520 to about 1600 where the 1.0 fibline is is used for this target.
The third target would be more of a mid term hold idea, which, if successful would bring in a profit of around 60%, aiming at around 2000 satoshi.
This one is based on a bit more further history, end of 2019, where the price first time marked the 2k level and became a support,
later on, in March 2020, althou the price spiked through it, the 2k level was firmly broken and became a resistance point which hasn't been reached since.
In the combination with the 1.618 fib line sitting just a little above the line, at 2075 satoshi, the area (100 sat+-) would be my target area.
The fourth and final target for this trade would be tightly around the 2800 satoshi mark, with a potential profit of around 124%.
Again this target is based on a historical support/resistance area and a fibline, this time the 2.618 fib.
First marked at end of June 19' the 2800 satoshi level became a short lived support, becomming a resistance level just a few days later.
Despite it been "broken" and spiking through it on multiple occasions, the price still got pushed bellow it and thus became a resistance which has been last visited in early 2020.
Hope you like today's pick!
Wishing everyone profitable trading and good luck in the markets!
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This post is NOT financial advice or any kind of recommendation, nor am I licensed to give one!
It is a personal opinion and view on the chart!
Intended for entertainment purposes only!
Regards, OZ
