$DENT breakout?
Stochastic is looking strong, building higher lows for the last 3 weeks while in accumulation mode at around $0.0063. Expecting some kind of breakout here over the next day or two to the weekly R1 ($0.0073). Unsure where it will go from there but historically it would reject and accumulate again before finding a new local high.
I don't expect we'll keep ranging in the $0.0061 - $0.0072 area for much longer but while we do there are opportunities. This is a significant range historically. Over the next week or two, we might be looking at $0.0085 around the weekly R3 but it's also possible price action trends towards the $0.0093 mark which is not only the recent high in this cycle but also an area of significance looking back to March through April. That area is right in the golden pocket so depending on what
BTC does I think we might see some ranging in that are for a while if we get there.
As an indicator of movement in the right direction I'll be watching for the daily stochastic to cross over and a daily close above the $0.0065 mark.
I don't expect we'll keep ranging in the $0.0061 - $0.0072 area for much longer but while we do there are opportunities. This is a significant range historically. Over the next week or two, we might be looking at $0.0085 around the weekly R3 but it's also possible price action trends towards the $0.0093 mark which is not only the recent high in this cycle but also an area of significance looking back to March through April. That area is right in the golden pocket so depending on what
BTC does I think we might see some ranging in that are for a while if we get there.As an indicator of movement in the right direction I'll be watching for the daily stochastic to cross over and a daily close above the $0.0065 mark.
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.