We are riding a massive descending channel, which is a bullish sign.
We are also riding a smaller descending channel, which again is a bullish sign.
MA50 and EMA50 are strong support factors.
If conquered, MA100 could be a major support. In that case, the possibility of a golden cross will bring hope. (I have not included MA30 because price action history shows it is not a formidable resistance)
We have a strong rising trend line which could act as a solid wall of support.
Also, in the 8H timeframe, we could be witnessing the completion of a "W". If completed, breakout will be the net result. (Caution: This is only a possibility)
In the weekly timeframe, we have had a decent corrective trend.
in the monthly timeframe, after the massive upswing we can witness, there has been a correction that happened last month. The correction extended to the 0.382, meaning a deep correction, and managed to close the body above the 0.5 FIB extension which is a good sign. The correction has been healthy and needed to grab liquidity to scale higher.
If you're hodler, your targets to sell could be 1.8 or 2.2. However, if you're seeking mid-term gains, your targets could be 1.03 and 1.2.
We are also riding a smaller descending channel, which again is a bullish sign.
MA50 and EMA50 are strong support factors.
If conquered, MA100 could be a major support. In that case, the possibility of a golden cross will bring hope. (I have not included MA30 because price action history shows it is not a formidable resistance)
We have a strong rising trend line which could act as a solid wall of support.
Also, in the 8H timeframe, we could be witnessing the completion of a "W". If completed, breakout will be the net result. (Caution: This is only a possibility)
In the weekly timeframe, we have had a decent corrective trend.
in the monthly timeframe, after the massive upswing we can witness, there has been a correction that happened last month. The correction extended to the 0.382, meaning a deep correction, and managed to close the body above the 0.5 FIB extension which is a good sign. The correction has been healthy and needed to grab liquidity to scale higher.
If you're hodler, your targets to sell could be 1.8 or 2.2. However, if you're seeking mid-term gains, your targets could be 1.03 and 1.2.
Note
I would appreciate your support if you found the idea useful.Note
Aggressive sellers will regret their panic!
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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.
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.