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 allowCRO 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.
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.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.