Simplicity is best right? We're catching up on a VERY long term uptrend line that originates back at the OG ATH @ 1200. The last two times price touched this uptrend line there was a massive bullish candle (engulfing/hammer) with incredible volume. This strongly supports the strength of this line to hold up price.
RSI is complementary with this as well after having reached a deep bottom and beginning a move up in a bullish divergence Chaikin Money Flow has also stayed relatively close to neutral during this move, and is now diverging back into bullish territory, showing a shift in money flows towards the long side.
P.S look at the weekly chart I post below, pretty pretty.
Bình luận
⋅
Weekly:
Bình luận
⋅
PSA: Be wary with this chart, although it appears strong, we are still not out of the woods yet with a lot more sell volume than buy volume.
Bình luận
⋅
Broke out of the current downtrend line - good but not a home run yet, volume needs to fill in
Bình luận
⋅
First close above 200 MA/EMA in a while, you know what this means...
Bình luận
⋅
P.S if all else fails:
Bình luận
⋅
Closed most of the long in 8k area, if it breaks 7800 support I will close rest
Đóng lệnh: đạt mục tiêu
⋅
Thanks for riding along, onto the next one.
Bình luận
⋅
Updated this with a new chart, check it out, same logic!
This looks much like my charts recently. Lots of support and accumulation on that uptrend line. Let's see if it builds enough momentum to bust through the downtrend line.
Wael613
⋅
Great chart! So would you have a stop loss at 6300?
FenixCapital
⋅
@Wael613, Yes, probably a bit above due to the highly precise risk zone of this, if it breaks 6425 theres a very large probability of further declines with probability increasing the further down it goes with it approaching ~90% probability of going to at least 6k upon moving past 6380 so I would set it there
Serpentan
⋅
isnt that a bearish divergence? rsi is decreased but the priced is went up. I thought that a bearish divergence. am i wrong?