BEAM Price Analysis for 17 June- 23 June 2019
Over the weekend (15th and 16th June 2019), BEAM has gained a whopping 30%, and a total of 126.5% since our price analysis last week. Insane right!?
Things are looking good so far, and we have reached the first target of 0.00008691, and also the second target of 0.0001138. There are some price zones to update after this upwards movement worth noting. Today’s analysis will be chart-heavy so get your reading glasses on!
Comparing our previous analysis vs price now
Comparing the chart now vs. the previous analysis, we can see that price did not make a retrace to the lower demand zone (0.00005218) and immediately broke the resistance now turned to support. We can deduce that this is BULLISH as price wasted no time going higher.
After it broke the resistance, it retraced slightly to support (you could have entered here) at 0.00007662 and then hit our first and second target, even plowing through it.
Here is a scenario that I think could play out from here:
On a larger scale, I think that with the current momentum, we could be heading up to the larger supply zone around the 0.0002 level. From then on, we will assess how price reacts to that zone. Beyond that, 0.0003611 could be the next target. However, we should always look at level-to-level trades so that we do not lose our sense of rationality and forget to take profits!
On the smaller time frame, the 3 different colored arrows are how I expect price to head to the next target of 0.0002. Each of these arrows give us specific entry points to ride this BEAM uptrend, and I think it is crucial to have a plan for this.
As seen above, price hit the resistance at 0.0001515 and has rejected from that level. I anticipate that price would retrace accordingly to the red and blue arrows. However, the orange arrow would come into play if price breaks the resistance level from here, thereby turning it into support- that would be our entry point!
To summarize, here’s what I think the next few targets are:
Nearest target: 0.0001516 (Already hit)
Further target: 0.0002
Furthest target: 0.0003611
BEAM is still in an upward trend, and we should be looking to buy dips as presented in the price analysis above. For now, don’t worry too much about a bearish scenario. We will provide an update shall that happen. Till then, we should stay on the long/buy side of BEAM.
Also, any further upside target will be considered again when all current targets are hit.
If you did not know, you can trade $BEAM/$USDT and $BEAM/$BTC on the Blue Helix Exchange (BHEX)!