forming a descending broadening wedge pattern
BRETT experienced a meteoric rise of over 550% in early 2024, breaking out from a double bottom pattern in mid-May. However, this rapid ascent was followed by a sharp decline as bearish pressure intensified, forming a descending broadening wedge pattern.
Currently trading at $0.09145, the price is approaching the upper boundary of this wedge but faces immediate resistance from the 50-day moving average. A successful breach of this moving average could signal a potential breakout and retest of previous highs, a change of character (CHoCH) would take place.
Technical indicators offer mixed signals. The indicators like MACD showed -0.01000, whereas the histogram was negative 0.00097, indicating bearish momentum. Meanwhile, the RSI showed a resurgence from the oversold territory that aimed at overbought showing signs of bullish strength, whereas, at the press, the RSI was at 40.42.
Potential resistance levels for BRETT are identified at $0.120 and $0.150, while support is expected at $0.055 and $0.0311.
Currently trading at $0.09145, the price is approaching the upper boundary of this wedge but faces immediate resistance from the 50-day moving average. A successful breach of this moving average could signal a potential breakout and retest of previous highs, a change of character (CHoCH) would take place.
Technical indicators offer mixed signals. The indicators like MACD showed -0.01000, whereas the histogram was negative 0.00097, indicating bearish momentum. Meanwhile, the RSI showed a resurgence from the oversold territory that aimed at overbought showing signs of bullish strength, whereas, at the press, the RSI was at 40.42.
Potential resistance levels for BRETT are identified at $0.120 and $0.150, while support is expected at $0.055 and $0.0311.
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