CRYPTO bullish?
Updated
TOTAL - Crypto market is forming a solid cup and handle formation.
- Currently in a broad downward trending channel, with a high probability of a breakout to the upside.
- Price is currently at 0.5 fib from previous swing low and swing high on the daily.
- High volume on the candles leading to the 50% level which indicate high interest.
- Looking for smaller candles to consolidate on the 50% level before a reversal to occur.
- If the reversal does occur at the 50% key level, this would create a high probability of a channel breakout to the upside.
- If price breaks through the 50% key level to the downside, then crypto will be bearish, looking for support at the 1.816T level, or touch on the lower bounds of the channel.
- Daily StochRSI is also at oversold region at <5
Trade active
- Price has formed a double bottom on the 0.5fib level which has increased the probability of the trade being bullish.Note
- Price has broken out of channel as predicted, however price has bad follow through with green candles with declining volume.
- Followed by a red candle today.
- Daily RSI is in the oversold area.
If the day closes a consecutive red candle, closing below the low of the previous, bullish momentum may have lost and may re-enter the channel.
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