TLM still in the cup and handle pattern. A bit of optimism!
Updated
Hi,
Before jumping into rather simple TA, I'd like to address some of the low morale we're seeing with TLM. Consider this: TLM held its strong .47 support level 3 times and conditions were optimal for a takeoff. We were finally seeing a reversal but the precarious situation of BTC wasn't in our favor at all. Today's dip might look scary, but TLM is not going down alone today, that's why you always keep a close eye on our beloved bully that is BTC.
So now TA, this is my first publication so always do your own due diligence. Let's look at the positive side of things. We're still creeping down this parallel channel that I still consider the handle of the big, juicy cup.
Now that the .47 support level is gone, reduced to atoms, the next most reliable supports are at .415 ish and if that's not enough (i.e. BTC keeps dragging everyone down) we have .37 landing on a fibonacci level and it also timely allign with the bottom of the parallel channel. Either one of these 2 are good reversal candidates.
Now the best news. If we consider that yesterday there was not much selling pressure to push us below .47 and that today most indicators allign for a good runup, we'll likely be back retesting previous resistances like nothing happened. If we do break the parallel channel, do expect a resistance at fibonacci level .78 ish before tackling the ATH.
RSI: we're oversold, that's obvious at this point
Stochastic RSI: ready for an upward switch in the 4H timeframe, not too indicative
OBV: it has increased despite the downtrend. Looking good.
MACD: Close to 0, check
Volume: now the volume is relatively interesting. The volume on the pump of a few days ago is very similar to the one of April 27th/28th. a few days later we've seen the largest volume that lead to the formation of the cup.
If the bulls start running again like that, this time RSI is a lot lower. Realistically speaking though, this might be way too much confirmation bias.
I feel like there are lots of panic sellers and impatient people trying to make quick gains with TLM. That's just not doing us good. If you keep building sell walls at measky 1/2% gains, so close to the bottom, the little volume we have will not be enough to even keep us trading horizontally. So get your targets. stick with them!
What does not look good? In general, the death cross isn't a good sign however due to the other indicators, there might be a come back. If we loose .37 it's a journey back to 2020.. ehm.. i mean .2020, the price, literally.
Good luck! Buy & Hodl people
Before jumping into rather simple TA, I'd like to address some of the low morale we're seeing with TLM. Consider this: TLM held its strong .47 support level 3 times and conditions were optimal for a takeoff. We were finally seeing a reversal but the precarious situation of BTC wasn't in our favor at all. Today's dip might look scary, but TLM is not going down alone today, that's why you always keep a close eye on our beloved bully that is BTC.
So now TA, this is my first publication so always do your own due diligence. Let's look at the positive side of things. We're still creeping down this parallel channel that I still consider the handle of the big, juicy cup.
Now that the .47 support level is gone, reduced to atoms, the next most reliable supports are at .415 ish and if that's not enough (i.e. BTC keeps dragging everyone down) we have .37 landing on a fibonacci level and it also timely allign with the bottom of the parallel channel. Either one of these 2 are good reversal candidates.
Now the best news. If we consider that yesterday there was not much selling pressure to push us below .47 and that today most indicators allign for a good runup, we'll likely be back retesting previous resistances like nothing happened. If we do break the parallel channel, do expect a resistance at fibonacci level .78 ish before tackling the ATH.
RSI: we're oversold, that's obvious at this point
Stochastic RSI: ready for an upward switch in the 4H timeframe, not too indicative
OBV: it has increased despite the downtrend. Looking good.
MACD: Close to 0, check
Volume: now the volume is relatively interesting. The volume on the pump of a few days ago is very similar to the one of April 27th/28th. a few days later we've seen the largest volume that lead to the formation of the cup.
If the bulls start running again like that, this time RSI is a lot lower. Realistically speaking though, this might be way too much confirmation bias.
I feel like there are lots of panic sellers and impatient people trying to make quick gains with TLM. That's just not doing us good. If you keep building sell walls at measky 1/2% gains, so close to the bottom, the little volume we have will not be enough to even keep us trading horizontally. So get your targets. stick with them!
What does not look good? In general, the death cross isn't a good sign however due to the other indicators, there might be a come back. If we loose .37 it's a journey back to 2020.. ehm.. i mean .2020, the price, literally.
Good luck! Buy & Hodl people
Note
So a little update. Price is bouncing in between the .415 and .37 levels and it was somewhat expected. Looking at the RSI in the 4H, we're now approaching oversold territories, which is a good entry point for long term investment.However BTC might... it might correct down to 43K or so. Other tokens rebounced high enough to fully sustain another BTC dip, however TLM has now only 1 last support level.
Another thing I noticed is that this corrective wave followed a perfect ABC pattern so far. wih 0-A being exactly the same as B-C.
I've seen some suggesting short positions. I'll just say that just like you don't buy on top of green candles, the same applies for shorting at the bottom of red candles. Still, Not financial advice.
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.