Still looking bullish after today's market dump
The current situation:
1. Price action had previously broken out of the bigger falling wedge, with a measured target of about 0.76 USD. Currently, it is apparently still ranging in a symmetrical triangle pattern with a measured target of 0.6 USD, while not being affected by the bearish action in the market today. Please note that the measured target may or may not be reached.
2. The last high it made at about 0.76 USD has created a very high RSI reading on all major timeframes. So if the price action reaches another high of 0.76 or above, it can mark bearish divergence unless the RSI reading will be higher on these timeframes. And if the bearish divergences play out, that can signal a pullback.
*Thank you to those who donated, I very much appreciate it.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Price action had previously broken out of the bigger falling wedge, with a measured target of about 0.76 USD. Currently, it is apparently still ranging in a symmetrical triangle pattern with a measured target of 0.6 USD, while not being affected by the bearish action in the market today. Please note that the measured target may or may not be reached.
2. The last high it made at about 0.76 USD has created a very high RSI reading on all major timeframes. So if the price action reaches another high of 0.76 or above, it can mark bearish divergence unless the RSI reading will be higher on these timeframes. And if the bearish divergences play out, that can signal a pullback.
*Thank you to those who donated, I very much appreciate it.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
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