Current Scenario:
The balancer has created new highs in its current bull run; it has made a new all-time high of $64.73.
Raising Wedgie:
Balacer has started to trace back from its previous high also its ATH. However, this uptrend of balancer is also in form of a raising wedgie indicating a price drop is highly possible. The above chart shows support and resistance level of the wedgie it indicates that value of balancer can drop down to $53-$55 range.
Contents
A Black Cloud and shooting star:
After the balancer created its all-time high, the next candle was red and it covered more than 50% of its previous candle. The following candle after that is a red shooting star, this indicates bearish movement in the balancer.
Conclusion:
Balancer is on edge of a correction after making an ATH because of
- Formation of a raising wedgie
- Presence of black cloud and red shooting star
