BounceBit Support Confirmed: Ready To Grow!

13 set

This is a young chart but it is pretty obvious what is happening here. The support level from May 2024 has been activated, tested and it holds, the action is now leading toward the bulls. This is a double bottom.

Let's consider some dynamics around the volume indicator:

We can appreciate on the chart a big green volume bar on the 17th of August, revealing strong buying activity. This type of signal tends to precede bullish action.

One more subtle but still important signal is the fact that the drop on 16-Aug. produced less volume than the low on 5-Aug.

The fact that 16-August is a lower low (with less volume) compared to the 5th indicates that the bearish move is reaching or reached its end. If this pair was set to continue lower, we would see higher bearish volume on the 16th instead of lower.

This signal also works together with the fact that high buy volume follows the next day (17-Aug.).

All this put together, tells us that a reversal is soon happening and this is confirmed by short-term higher low.

These are early signals and market conditions can always change, but BBBTC is bullish now and additional growth possible.

Thanks a lot for your support.

Namaste.