Shooter takes all, lets go.
Simplicity is best right? We're catching up on a VERY long term uptrend line that originates back at the OG ATH @ 1200.
The last two times price touched this uptrend line there was a massive bullish candle (engulfing/hammer) with incredible volume. This strongly supports the strength of this line to hold up price.
RSI is complementary with this as well after having reached a deep bottom and beginning a move up in a bullish divergence
Chaikin Money Flow has also stayed relatively close to neutral during this move, and is now diverging back into bullish territory, showing a shift in money flows towards the long side.
P.S look at the weekly chart I post below, pretty pretty.
Simplicity is best right? We're catching up on a VERY long term uptrend line that originates back at the OG ATH @ 1200.
The last two times price touched this uptrend line there was a massive bullish candle (engulfing/hammer) with incredible volume. This strongly supports the strength of this line to hold up price.
RSI is complementary with this as well after having reached a deep bottom and beginning a move up in a bullish divergence
Chaikin Money Flow has also stayed relatively close to neutral during this move, and is now diverging back into bullish territory, showing a shift in money flows towards the long side.
P.S look at the weekly chart I post below, pretty pretty.
Note
Weekly:Note
PSA: Be wary with this chart, although it appears strong, we are still not out of the woods yet with a lot more sell volume than buy volume.Note
Broke out of the current downtrend line - good but not a home run yet, volume needs to fill inNote
First close above 200 MA/EMA in a while, you know what this means...Note
P.S if all else fails:Note
Closed most of the long in 8k area, if it breaks 7800 support I will close restTrade closed: target reached
Thanks for riding along, onto the next one.Note
Updated this with a new chart, check it out, same logic!
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.
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.