COTIBTC Bullish Divergence| Local Resistance| Low Volume
Evening Trader’s
Today’s Technical Analysis – COTIBTC – trading at local support, a break of the 21 MA will further confirm a rally in to local resistance.
Points to consider,
- Local support holding
- Valid bullish divergence
- 21 MA current resistance
- RSI below 50
- Stochastics projected up
- Volume below average
COTIBTC is trading at local support forming a valid bullish divergence where an impulse move into local resistance is probable.
The 21 MA needs to break, current resistance, this will confirm further upside in the immediate term.
RSI is clearly diverging from price; break of its 50 level will change the immediate bias to bullish.
The Stochastics currently has stored momentum to the upside, currently no valid sell cross.
Volume is below average, an impulse is probable as this is a trade location.
Overall, in my opinion, COTIBTC needs further confirmation by breaking the 21 MA before a probable impulse move into local resistance as volume is below average.
What are your thoughts?
Please leave a like and comment,
And remember,
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.” – Victor Spreandeo
Today’s Technical Analysis – COTIBTC – trading at local support, a break of the 21 MA will further confirm a rally in to local resistance.
Points to consider,
- Local support holding
- Valid bullish divergence
- 21 MA current resistance
- RSI below 50
- Stochastics projected up
- Volume below average
COTIBTC is trading at local support forming a valid bullish divergence where an impulse move into local resistance is probable.
The 21 MA needs to break, current resistance, this will confirm further upside in the immediate term.
RSI is clearly diverging from price; break of its 50 level will change the immediate bias to bullish.
The Stochastics currently has stored momentum to the upside, currently no valid sell cross.
Volume is below average, an impulse is probable as this is a trade location.
Overall, in my opinion, COTIBTC needs further confirmation by breaking the 21 MA before a probable impulse move into local resistance as volume is below average.
What are your thoughts?
Please leave a like and comment,
And remember,
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.” – Victor Spreandeo
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