Recently, EGLDBTC (MultiversX) went through a breakdown of support, these are the blue lines on the chart. The break of support produced a new ATL and also a rounded bottom that is now fully complete.
Here the bullish signal comes up as a fractal, a repeat of mid-2024 and super high volume.
➖ First, support breaks and prices moved lower. Once bears are done selling and sell beyond the last mayor low, they become exhausted. Super low prices tend to be a bullish situation for buyers.
➖ Second, the same dynamics happened earlier this year. A down-move turned into a breakdown and the breakdown produced a rounded bottom, the rounded bottom signaled the start of a new bullish wave.
👉 We have the down-move, the breakdown and rounded bottom. This rounded bottom is now complete and strong bullish action is present with the highest buy volume ever. What follows is a new bullish wave.
Additional details on the chart.
Thank you for reading.
Namaste.
Here the bullish signal comes up as a fractal, a repeat of mid-2024 and super high volume.
➖ First, support breaks and prices moved lower. Once bears are done selling and sell beyond the last mayor low, they become exhausted. Super low prices tend to be a bullish situation for buyers.
➖ Second, the same dynamics happened earlier this year. A down-move turned into a breakdown and the breakdown produced a rounded bottom, the rounded bottom signaled the start of a new bullish wave.
👉 We have the down-move, the breakdown and rounded bottom. This rounded bottom is now complete and strong bullish action is present with the highest buy volume ever. What follows is a new bullish wave.
Additional details on the chart.
Thank you for reading.
Namaste.
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👉 lamatrades.com (Since 2017)
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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.