TOMO - Retesting Support, Potential for 50%+ Swing!
Updated
Looking at TOMOBTC 1D chart, we're seeing an interesting formation taking place similar to mid september, before previous growth.
We saw a strong downturn after the last pop, that stopped at support, only to retest it. Just Like in September.
Interestingly, it looks like there's a long term consolidation triangle taking place. Historically this can mean a big move when we reach the tip of it, which we might be looking at some time over the next two months if trends hold.
Indicators are looking decent for a reversal, the volume was the smoking gun last time, and we see the same thing happen here.
OVERALL:
I expect a move back up to the Teal center trend line, potentially after we do one more small support retest.
Set a stop loss below previous low from the last time we tested support and bounced. TP's can hit higher than mapped if it decides to pop out of it's consolidation triangle, but as stated and mapped that could be a good bit before we see that movement.
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
We saw a strong downturn after the last pop, that stopped at support, only to retest it. Just Like in September.
Interestingly, it looks like there's a long term consolidation triangle taking place. Historically this can mean a big move when we reach the tip of it, which we might be looking at some time over the next two months if trends hold.
Indicators are looking decent for a reversal, the volume was the smoking gun last time, and we see the same thing happen here.
OVERALL:
I expect a move back up to the Teal center trend line, potentially after we do one more small support retest.
Set a stop loss below previous low from the last time we tested support and bounced. TP's can hit higher than mapped if it decides to pop out of it's consolidation triangle, but as stated and mapped that could be a good bit before we see that movement.
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Note
Support SMASHED. Watch for a correction but likely heading down at least another support level.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
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