BRETT Bulls Watch Bitcoin Closely: A New Rally Could Be Brewing

BRETT Bulls Watch Bitcoin Closely: Is A Rebound Incoming?

After Bitcoin surged from $76k to $111k in May, Brett witnessed a robust uptrend in the second part of April. In less than three weeks, the memecoin surged from $0.034 to $0.091, a 166% increase. According to a recent source, the recent decline in the Bitcoin price from about $110,000 to $103.5K was a reset rather than a full-scale distribution phase. As a result, it seems likely that a BRETT rebound will coincide with a BTC move.

BRETT Struggles to Hold $0.082: What That Means for the Next Move?

The memecoin had been retested as support in early May and was again trading at the $0.051 level once more. BRETT’s momentum stalled close to the $0.09 mark after it had been rising at the beginning of May. This was somewhat over the February resistance level.

In the first sign of bullish weakness, the $0.082 level could not be flipped to support. This level was retested as support a few more times in mid-May before the price started to decline. This increased the likelihood that the token would create a range. The $0.051 support provided a clear invalidation and a strong buying opportunity with lower risks. Bearish bias could be reversed with a decline below $0.045.

BRETT Hits $0.045 Again: Will Bulls Step In This Time?

It appeared as though BRETT had reversed all of its gains from the second week of May on the 4-hour chart. Once again plunging to its $0.045 low, the token was able to rise over the $0.051 support level. Nonetheless, the OBV kept moving south. Dominant selling volumes during the previous ten days were highlighted by this. Furthermore, momentum remained bearish, as the H4 chart clearly demonstrated.

Building bullish momentum is indicated when the RSI rises over the neutral 50 mark. There is a greater chance of a bullish trend reversal if the OBV also begins to create higher highs and higher lows.

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