Following a recent rejection after a three-week correction, Brett traded calmly as it sits well above $0.05. While the next move is uncertain, the bulls are likely to resume pressure due to a new double-bottom pattern.
After increasing by roughly 3x to reach a high of $0.09 in a month, Brett encountered resistance and quickly halted recovery in the second week of May. This later led to a significant drop, as the bulls’ commitment was insufficient, failing to reclaim the mentioned high in the late month.
It lost momentum and rolled back to the monthly low of $0.046, closing bearishly. Luckily for the bulls, that low held well after twice rejections during last weekend’s trading and the price recovered briefly to where it now trades at $0.053. As it stands, the next major move is yet unknown.
However, considering last weekend’s bounce, which came as a result of bullish interception, we can anticipate a fresh increase sooner or later. If this comes into play, we may see a quick recovery back to the recent top with a new bullish pattern in the form of a double-bottom daily.
Meanwhile, a continuous price breakdown could result into more drops before locating a solid support for a rebound. And looking at the bigger picture on the daily chart, the bulls are expected to step back anytime soon following the latest price actions.
BRETT’s Key Level To Watch
Anticipating an increase, Brett must reclaim the $0.071 level to test the $0.091 resistance again. Breaking higher could allow a bigger move to $0.124 and mainly to the $0.159 resistance level in the next leg up.
Following the recent recovery, the $0.046 level is now considered a base support. Losing it could result in more drawdowns to $0.037 and maybe $0.028 before regaining strength.
Key Resistance Levels: $0.071, $0.091, $0.124
Key Support Levels: $0.046, $0.037, $0.028
- Spot Price: $0.053
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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