Balancer (BAL) / BTC – Life cross
On the above 1-day chart price action has corrected a massive 92% since August 2020. A number of reasons now exist to be bullish , including:
1) A ‘incredible buy’ signal prints.
2) Bull market is confirmed. A life cross is printed as the 50-day SMA (blue line) crosses up the 200-day SMA (red line) AND price action is above the 200-day SMA .
As far as I can tell this is the first life cross ever for this token following a ‘buy’ signal. It has never happened before.
3) Trend reversal. Two higher highs and one higher low. Fantastic.
4) RSI and price action resistance breakout (better seen on weekly below).
Is it possible price action falls further? Sure.
Is it probable. Very unlikely.
Good luck!
Ww
Type: Investment
Risk: <=6% of portfolio
Timeframe: 3–9 months
Return: 500% minimum
Weekly price action breakout
