SAND traders should follow this course of action to avoid any losses

On the 4-hour time frame, buyers have finally seen a string of higher lows that will last for more than two weeks. It hasn’t happened like this in the last two months. During this time, SAND stayed close to the Point of Control and in its high liquidity zone, so it didn’t change much, visit: https://immediatebitcoin.org/ .

Now that people in the market might try to break out of the tight phase, the SAND chart showed that the times ahead would be full of surprises.Toget a fair idea on bitcoin trading Visit  Bitcoin smart.

If the lower trendline of the expanding wedge were to be broken, the alternative asset would be ready for a short-term correction before making a bullish turn. The price of SAND at the time this article was written was $1.2743. This was 1.76 percent less than the previous day.

On the 4-hour time frame, buyers have finally seen a string of higher lows that will last for more than two weeks. It hasn’t happened like this in the last two months. During this time, SAND stayed close to the Point of Control and in its high liquidity zone, so it didn’t change much.

Now that people in the market might try to break out of the tight phase, the SAND chart showed that the times ahead would be full of surprises.

If the lower trendline of the expanding wedge is broken, the alternative asset will go down in the short term, but it will then recover and go up. The price of SAND at the time this article was written was $1.2743. This was 1.76 percent less than the previous day.

After the market as a whole went through liquidations, sellers of SAND found new momentum from its highs in mid-April. As the price went down, the white dashed trendline resistance, which is now trendline support, was an important area of value.

On May 12, the price of the coin was the lowest it had been in the last six months. Since its previous peak on May 5, it had dropped about 61.3%. Since the alternative cryptocurrency went back to its starting point of $1.13, it has become less volatile and has now changed in just two weeks. Buyers had a hard time finding closings that lasted longer than 20 days.

Eventually, the buyers used a setup called an ascending widening wedge to turn the trendline resistance into trendline support. The 20-day exponential moving average (green) has not crossed above the 50-day moving average (cyan), so buyers will have a hard time making a rise that changes the trend.

If the wedge breaks down, SAND might test the area around $1.18 before buyers jump in and cause a rally. If you can get back up from this level, you might be able to move on to the next one.

Based on what the Relative Strength Index says, sellers currently have a slight advantage. But a bullish divergence on the OBV has kept the short-term chance of recovery alive.

To keep the rally going, break the chains of 23.6 percent, and get out of the squeeze phase, the CMF still had to find a closing that was above the zero line.

Conclusion

The way SAND was doing right now was very dangerous. If sellers keep pushing harder, the alternative currency could lose 6-7 percent of its value and move closer to the $1.18 zone if it closes below the wedge.

If the price goes up quickly above the current down-channel, the squeeze phase could last longer before a move that changes the trend. This is because there is a bullish divergence on the 4-hour chart of the OBV.

Last but not least, the alternative coin and the king coin have been linked 97 percent of the time in the last 30 days. This is a very high rate. Along with these technical factors, it is important to keep a close eye on how the price of Bitcoin changes.

by Dean Miller

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