IDEOLOGY on a critical 1D MA200 test after 2 weeks of rise!
IDEAUSDT has been very hot as of late, rising non-stop since the February 24 low. Right not it is testing the 1D MA200 (orange trend-line), on a highly important test as it has failed to close above it since December 27 2021.
The good news is that the price broke above the Lower Highs trend-line that has been rejecting the uptrend attempts, as per my previous post:
This rise can extend on strong foundation as the 1D MA50 (blue trend-line) has now turned into the Support. Last time Ideaology was in a similar situation, was after the August 21 2021 break-out. On a not so encouraging note though, it failed to break above the 1D MA200 and broke again below the 1D MA50. However, it managed to hold the market bottom and rallied aggressively above 0.8400 just a month later.
It becomes clear then that IDEA has to close above the 1D MA200 now in order not to risk failure below the 1D MA50. If it successfully does so, I expect a first High just below the 0.618 Fibonacci retracement level at 0.3500 and in early May, test of the 0.8400 High.
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The good news is that the price broke above the Lower Highs trend-line that has been rejecting the uptrend attempts, as per my previous post:
This rise can extend on strong foundation as the 1D MA50 (blue trend-line) has now turned into the Support. Last time Ideaology was in a similar situation, was after the August 21 2021 break-out. On a not so encouraging note though, it failed to break above the 1D MA200 and broke again below the 1D MA50. However, it managed to hold the market bottom and rallied aggressively above 0.8400 just a month later.
It becomes clear then that IDEA has to close above the 1D MA200 now in order not to risk failure below the 1D MA50. If it successfully does so, I expect a first High just below the 0.618 Fibonacci retracement level at 0.3500 and in early May, test of the 0.8400 High.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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