TOMO - Retesting Support, Potential for 50%+ Swing!

Looking at TOMOBTC 1D chart, we're seeing an interesting formation taking place similar to mid september, before previous growth.

We saw a strong downturn after the last pop, that stopped at support, only to retest it. Just Like in September.

Interestingly, it looks like there's a long term consolidation triangle taking place. Historically this can mean a big move when we reach the tip of it, which we might be looking at some time over the next two months if trends hold.

Indicators are looking decent for a reversal, the volume was the smoking gun last time, and we see the same thing happen here.

OVERALL:

I expect a move back up to the Teal center trend line, potentially after we do one more small support retest.

Set a stop loss below previous low from the last time we tested support and bounced. TP's can hit higher than mapped if it decides to pop out of it's consolidation triangle, but as stated and mapped that could be a good bit before we see that movement.

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Bình luận:

Support SMASHED. Watch for a correction but likely heading down at least another support level.