After seeing a capitulation, rarely do we see an immediate reversal back up.
Even if the current trendline sends a strong signal to the bulls, it is unclear if a reversal is imminent or is this just a temporary relief bounce.
We noted that 2 weeks ago there was plenty of air (lack of market participants) in the region of immediate price action and expected a large movement (could have been up or down) but alas it went dipping.
In my other charts, the $BTCUSD charts, we saw $BTC bouncing similarly on its trendline, and then it broke support and went dipping hard.
So could $CRO follow?
For now, it is probably best to err on the side of cautious optimism and allow $CRO to establish a new trading range (TR) first or wait for other confirmations.
Even if the current trendline sends a strong signal to the bulls, it is unclear if a reversal is imminent or is this just a temporary relief bounce.
So could $CRO follow?
For now, it is probably best to err on the side of cautious optimism and allow $CRO to establish a new trading range (TR) first or wait for other confirmations.
