CSPRUSDT Hit the 1D MA200 for the first time since April 01!
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For this particular analysis on Casper we are using the CSPRUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame where CSPR hit today its 1D MA200 (orange trend-line) for the first time since April 01 2022. That hit resulted in a massive rejection for the token back towards the 1D MA50 (blue trend-line) and even lower on a 2 month horizon.
As a result this is a critical point for buyers. A 1D candle close above the 1D MA200 can potentially reverse the long-term bearish trend and immediately target the next Fibonacci retracement levels: 0.382 and 0.5 until it tests the 1W MA50 (red trend-line). Failure to close above the 1D MA200 can result in a pull-back towards the 1D MA50 (as in April), which is near the bottom of the medium-term Channel Up pattern anyway.
Notice at this point the RSI formation on the 1D time-frame. In contrast to the previous two breaks above the 70.000 RSI mark which formed Lower Highs and rejected the uptrend, the current one is about to close on Higher Highs. That could be an early indication of an upcoming bullish break-out.
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For this particular analysis on Casper we are using the CSPRUSDT symbol on the OKX exchange.
*** ***
The idea is on the 1D time-frame where CSPR hit today its 1D MA200 (orange trend-line) for the first time since April 01 2022. That hit resulted in a massive rejection for the token back towards the 1D MA50 (blue trend-line) and even lower on a 2 month horizon.
As a result this is a critical point for buyers. A 1D candle close above the 1D MA200 can potentially reverse the long-term bearish trend and immediately target the next Fibonacci retracement levels: 0.382 and 0.5 until it tests the 1W MA50 (red trend-line). Failure to close above the 1D MA200 can result in a pull-back towards the 1D MA50 (as in April), which is near the bottom of the medium-term Channel Up pattern anyway.
Notice at this point the RSI formation on the 1D time-frame. In contrast to the previous two breaks above the 70.000 RSI mark which formed Lower Highs and rejected the uptrend, the current one is about to close on Higher Highs. That could be an early indication of an upcoming bullish break-out.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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