Demand Line & Support Line Hit at $29,990, Waiting for Breakout
Updated
As a follow up from yesterday in this re-accumulation pattern, it appears that the shakeout has occurred, hitting both a support line and demand line intersecting at $29,900. Then, a secondary test of the supply line occurred. We will wait for the breakout (JAC) and backtest (BUEC) confirmation to happen above the fib extension mentioned yesterday before experiencing a new ATH. Moreover, there appears to be hidden bullish divergence according to the MACD. RSI appears poised to push upward on the 4 hr and the daily (barely). And we wait. Thoughts?
Trade closed: target reached
The $41300 target has been achieved! Now we wait for the next major re-accumulation phase.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.