HOTBTC: Consolidation, Bullish Divergence
Updated
- HOTBTC Price has reached it's Binance August 2018 low* of 8 sats.
- Currently consildating in a range between 7 & 10 sats for over a month.
- Testing 50 Day MA, 100 Day MA is in line with falling channel resistance.
- Bullish divergence on the RSI & MACD even if CMF looks tragic.
- Long-term targets: 18-20 sats (2x), 24-26 sats (3x) as well as ATH 46 sats (4x).
- Waiting for a break and close above 10 sats (green dotted line) for long-trade.
- Anticipating a test of the 100 Day MA / falling channel resistance prior to breakout.
*ATL currently at 6 sat June/July 2018, where price consolidated for a month.
This is the third time HOT has entered a consolidation against BTC for a period of around of more than a month.
The first time in 2018 the price went from a low of 6 sats to 22 sats (3.5x), the second time in 2019 the price moved from 11 to 46 sats (4x). The price is now back between 6-11 sats, so go figure. Stop losses should be 5 sats for below for macro traders.
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Comment
Correction: Binance low is 7 sats, not 8 as referenced.Comment
Consolidation complete? Testing channel resistance after 64 days of consolidation.Noticeable increase in volume pointing to a breakout upwards.
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