Following a recent bounce from a slight pullback phase, Brett appears back in buying mode due to steady volume inflow in the last few days. While the price is currently down, it may break higher anytime soon.
So far, we can say Brett has recovered nicely from the first quarter crash, as the price went up by roughly 3x in a month. However, it went through a short pullback two weeks ago to provide a considerable discount to the $0.0064 level, which later provided support for the market last week.
Reestablishing support on the hourly chart, it rebounded this week and increased to a daily high of $0.085, where it saw a rejection over the past hours. The price retraced briefly under $0.08, looking for solid ground on the hourly chart. As we can see, the bulls have temporarily lost buzz.
A recovery above the daily high should bring the bulls back on the track. While this may trigger a break up daily, we can expect a massive rally.
Taking a big look at the latest setup, Brett’s trading may enter the $0.016 range once the breakout occurs. This should put the market in a more bullish condition on the short-term scale. Failure to breakout might lead to a brief consolidation phase before deciding the next market direction.
BRETT’s Key Level To Watch
Looking ahead, the $0.091 level is considered an obstacle for the bulls in the latest leg up. If they overcome it, their next target levels would be $0.124 and $0.159.
In case of a drop, the recent weekly $0.064 support may contain the sell-off. Failure to rebound may cause a serious breakdown to $0.054 and the monthly $0.046 low. There’s also support at $0.037 for more dips.
Key Resistance Levels: $0.091, $0.124, $0.159
Key Support Levels: $0.064, $0.054, $0.046
- Spot Price: $0.078
- Trend: Bullish
- Volatility: High
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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