BOME | Short-Term

24 Agu

For technical analysis, we use mainly price data so at least several months of trading is needed for an analysis to have any value. If the chart is too young, there is no way to determine the behavior of a pair/project, nor the most relevant long-term support and resistance levels.

BOMEUSDT has a very young chart and so we can only look at it in the really short-term. This analysis can be of little value.

After the major drop, leading to the 5th August low, we are seeing a small recovery in the form of an ascending triangle. The recovery is there but the volume is low, thus weak.

Resistance is being challenged right now at the 8-Aug. high.

The overall trend is bearish based on the main move on the left side of the chart but there is bullish potential based on the small recovery and marketwide action.

Failing to move higher, BOMEUSDT can test lower levels right away. The red rectangles are for support. If support is challenged, a bounce can happen there.

This is definitely not my type of chart.
This analysis was done by a request on the comments.

I look for pairs that have strong growth potential, if the pair does not have good signals, I ignore and search for a new one.

Update: This chart is more bullish now than when I initially looked at it. The bullish signals/bias has been reinforced.

Namaste.