UseTheBitcoin Market Update (BRETT) | June 7th, 2024

Let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on a memecoin called Brett (BRETT).

Brett (BRETT) Technical Analysis

BRETT surged by at around 16.5% today, making it the biggest mover of the day. This comes after the technical analysis conducted a week ago, where the price of the memecoin was around $0.09. At that time, we indicated that Brett might see a drop to its previous Fibonacci levels, support levels, or resistance levels. We also mentioned that if it were to reach the Fibonacci levels identified, there was a possibility for BRETT to rise again. The surge today suggests that it might be on an upward trajectory.

Now, if you check the chart, our technical analysis was spot on once more. Prices dropped, reached the Fibonacci and previous resistance levels, and, as predicted, bounced back from those levels.

If you are considering buying BRETT again, its resistance levels are at $0.14, which is at a new all-time high, and currently starting to retrace. For a more comprehensive view and reliable information, remember to use a larger time frame.

When plotting the Fibonacci, we expect the token to drop to $0.11 or $0.10. If that happens, those are your best entry points. Moreover, if Bitcoin continues to perform strongly, altcoins like BRETT might follow its lead.

However, note that BRETT is a memecoin with no solid fundamentals. Therefore, please remember to set a stop loss at around $0.09, as memecoins can be highly volatile and manipulative.

Final Thoughts

As a reminder, we are merely making price predictions (calculated guesses) and our predictions may not always come true. Our technical analysis might not always be accurate. Please trade at your own risk.

For more in-depth technical analysis like this one, make sure to subscribe and hit the notification bell on UseTheBitcoin’s YouTube channel. We post daily videos covering the crypto markets, so don’t miss out!

Via: 2Usethebitcoin.com

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