ONE to $0.01 or $0.02!? This Analysis Shows What to Look ForOne (Harmony) is making an attempt to finally break the bear channel resistance and rocket to $0.017, the previous high before the channel began. The market sentiment may have other plans, as Bitcoin and Ethereum struggle to get past their Weekly resistances.
How do we trade this?
The trend is your friend until the very end and right now, our bias should be toward the downside. A single data point is not enough to make a trade, we must also consider that at this moment we're at the bear trend resistance without a sell signal bar. Until we have a bear signal bar close on or near its low, best to wait on the sidelines. It also appears we had a bear capitulation candle/run just before this bull move, which often signals the *end* of a trend. Something to watch out for when making your next trade decision.
You can also wait for a bull signal to long, either at the 200EMA or Previous Low price area. Wait for a bull signal and confirmation bar closing on or near its high.
Key Points
1. Bear Channel, Bias to Short.
2. Capitulation Bear Candle, Could be the End of the Downside Movement.
3. Look for a double bottom to Long at 200EMA or the Previous Low.
4. Wait for Bear Signal Bar to Short.
5. RSI at 57.00, above Moving Average.
You are solely responsible for your trades, trade at your own risk!
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