Decoding BRETT Price Over Daily Chart

Aug 6

In mid-May 2024, the BRETT price broke from a double bottom pattern, which had exhibited gains of more than 550% by June 10th.

However, due to the high pressure of bears, it built a weak high that created instability in price, leading to its price plummeting. The plummetation led to a declining broadening wedge, where the recent support was witnessed by the wedge lower border, which was seen in the form of a liquidity grab candle.

At press time, the price had traded at $0.09271 and seemed headed for the upper border, but in the way, the dynamic resistance of 50-day looms.

Once the 50-day EMA gets pierced, a change of character (CHoCH) would take place, which could lead to a breakout from the upper border of the wedge towards retesting the supply again.

The indicators like MACD showed -0.01019, whereas the histogram was negative 0.00457. Meanwhile, the RSI showed a resurgence from the oversold territory that aimed at overbought, whereas, at the press, the RSI was at 37.26.

Therefore, the resistance could be at $0.120 and $0.150, followed by the supports at $0.055 and $0.0311, respectively.