The situation on BOME, where we opened a speculative spot deal on March 21.
The asset almost fulfilled the first target in the form of the 0.5 Fibonacci level (rate of $0.019104), reaching $0.018587 on April 2. That is almost +40% from the entry point. After which it went into correction along with the market, but is holding up well. The only thing that is confusing is the drawn “Double Top”, the full target of which is, at best, around the volume level of $0.013517.
On the night of April 2, when the#BOMErate was $0.16586, we warned in the chat about the likelihood of a correction for the asset. And they wrote that we would remain in the position for now, but with a stop at breakeven. After this, the price went up to $0.018587, then made another attempt to grow, and now it is correcting.
Today the price has reached important support - EMA 50 of the four-hour TF, and the last three candles are testing it. This is currently the key support for moving averages.
If the day closes above the level of this EMA, as well as above the EMA 50 of the two-hour TF and both the volume and mirror level of $0.015849, there will be a possibility that the correction has ended.
Our trend change indicator has already shown the “Cheap” marker on the two-hour time frame. To be more confident, you should see the “Cheap” marker or at least the “Cancel” marker on the four-hour time frame. This would be a signal of a high probability of an upward reversal from the current ones. And going to goals above $0.02000.
