Balancer (BAL) - Falling wedge breakout

10 Nov 2023

On the above daily chart price action has corrected 60% since the year began. A number of reasons now exist to consider a long position, including:

1) Price action and RSI resistance breakouts. The trend has reversed.

2) Price action prints a bullish engulfing candle on past resistance followed by a hammer candle. What a chart.

3) The falling wedge measures a 140% reward.

Is it possible price action falls further? Sure.
It is probable? No.

Ww

Type: trade
Risk: <=6%
Timeframe to act: now
Return: 100% to start

10 Nov 2023

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