Get started

Altcoinstrading

Cautious Optimism with Signs of Potential RecoveryI don’t want to get ahead of myself, but... 1. **Higher Low Formation**: - The chart is showing signs of stability with a **higher low** developing near a key support zone (aligned with the 0.236 Fibonacci retracement). - This suggests buyers are stepping in at higher levels, indicating potential early strength. 2. **Oscillators: Mixed but Not Alarming**: - **RSI**: Hovering around 47, showing neutral momentum. While it's not yet bullish, it's holding above oversold levels and is pointing slightly upwards. - **CMF (Chaikin Money Flow)**: Just above neutral at 0.01, indicating weak but present capital inflow—far from ideal, but not overly bearish either. - **OBV (On-Balance Volume)**: Flat, showing no strong accumulation or distribution. Volume patterns suggest cautious market participation. 3. **Trend and Resistance**: - The price remains above the 200-MA, which reinforces the **long-term bullish trend**. However, the red box overhead (acting as resistance) is capping upward momentum for now. - A breakout above this resistance would confirm strength, but until then, it’s wise to remain cautious. 4. **Parabolic SAR**: - Dots have flipped below the price, signaling a **short-term bullish bias**, though confirmation is needed with higher volume. Cautious Perspective: - The **higher low** is a constructive sign, but oscillators and volume lack strong conviction. - If buyers can push through the red box resistance and sustain above, a more robust recovery could take shape. Risk-Reward Outlook: - **Upside Potential**: Break above the red box opens the door to further bullish continuation toward higher Fibonacci levels. - **Downside Risks**: Failure to hold the higher low could bring the 0.382 Fibonacci retracement back into focus as a potential target. Patience and confirmation are key—let's not get ahead of ourselves just yet! Would you like specific scenarios for trading strategies?
CRYPTOCAP:TOTAL2
by vagada