BYND exhausts momentum, rolls over, and taps outs

1 de mai. de 2020

BYND has been on a terror for the last few days, coming back from a 52 week low to embrace an all-time high. In total it took 30 days to rake in a 230%+ gain.

Now the rocket has come to an end. Here's how the chart plays out:

• After seeing a last-ditch spike of buying interest, it gapped up out of its previous channel to set it's the new high in price and volume.
• A second attempt at the high was repelled before it retraced to the first Fibonacci level of 0.236 ($99 Resistance Level)
  
• Established sideways channel
  
• 2 Additional attempts to test past high, both failed
  
• 6 progressive new lowes
  
• Increase selling pressure forced it past $99 to $97
  

Projection: BYND will continue to fall throughout the day tomorrow and second Fibonacci level and resistance point of 0.382 ($90.00)

I'd love to hear your thoughts. Leave a comment and let me know if you agree or see something different.