SlowK is a great way of measuring momentum- and when moves are exhausted. Daily SlowK is oversold at this point for the first time since the move in early December began.
When you consider the fact that we're bumping into a strong upwards trend, I expect Bears to not withstand the buying power that will come into the market over the next week, and a new buying cycle to begin.
When you consider the fundamental analysis considerations of "3/5 remittance companies" (and MoneyGram already being named) and "2 unnamed household names that are not FIs" by David Schwartz, we should receive a new bit of fuel to shoot upwards in the near future, perhaps catching up with previously broken Bull trends.
When we start making higher lows on the 15m and Hour chart, and particularly when the MA on the daily shifts bullish, we'll begin a strong move upwards.
When you consider the fact that we're bumping into a strong upwards trend, I expect Bears to not withstand the buying power that will come into the market over the next week, and a new buying cycle to begin.
When you consider the fundamental analysis considerations of "3/5 remittance companies" (and MoneyGram already being named) and "2 unnamed household names that are not FIs" by David Schwartz, we should receive a new bit of fuel to shoot upwards in the near future, perhaps catching up with previously broken Bull trends.
When we start making higher lows on the 15m and Hour chart, and particularly when the MA on the daily shifts bullish, we'll begin a strong move upwards.
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Calling red line of bearish trend broken. On the outside of the line for sustained period of time, and moving away bullish from it, following the support at 1.789, and if this is sustained until meeting up with the blue support in 24 hrs, MAs should have caught up, and the daily SlowK will have reacted bullish, pulling in more bullish support. Groundswell.
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Not looking good. Price action broke blue diagonal line and black support at 1.78, and after attempted bull push, it collapsed quickly.
Next stop 1.55, possibly 1.17 after that. Disappointing
Next stop 1.55, possibly 1.17 after that. Disappointing
www.tradingview.com/chart/2NnysVJe/