In a previous chart, I had mentioned that OXT may move to the downside possibly to the .1600 level. With the exception of the slight breakout of the bearish trend line, price still shows respect for it. A fairly new coin, it has for the moment found it's bottom. Meanwhile, as it has been in accumulation with several bursts to the upside. It has now pretty much over extended itself during its upward push and now needs to come to rest for another accumulation period, IMHO.
Bình luận:
Bình luận:
Here it is a month later and, even though the break through the bearish trend line took us past the .2401 Gann level, OXT was quickly dispatched from such a lofty upthrust and was promply returned to the.1849 level. After several attempts to regain some of the ground that was lost, it was of no avail being rejected at the .2116 level. Despite the bounce off of the .706 fib back toward the .1849, OXT has continued to lose steam. Looking at both the daily RSI and Wave Trend indicators, we are still on track for a move toward a possible meeting with the .1600 Gann level where it may find some support for further consolidation and a more solid, conservative push back upward.
Bình luận:
Bình luận:
Provided I have my Gann fans correct, we can see that OXT is surely on it's way down with only the upward 4/1 providing any possible short term support before being funneled into a make or break situation. There is a possible sign of hope for some sort of support and that is the fact that lower prices attract buyers; but being so close to the .1600 level, buyers just may wait for the game to become closer to the point where the hunt will be more successful.