This whole decline is a big 5 week handle coming off of what is a near perfect cup pattern.
There's low probability of breaking out above the cup, but looks like good probability of at least re-testing the top one time (a 30% increase above current price).
The Stoch RSI... i have never seen the Stoch index look so clear and bullish, and for so long. This is on the 2h and 4h charts, and to a lesser extent, the D chart.
The recent break out didn't boast any impressive volume, but even so, the price has stayed bullish and above the down trend for over 17 hours now without much resistance. There is so little history to this coin that it becomes difficult to speculate on resistance lines, and to my knowledge, there are no existing options to short this market, ergo there appears to be little basis for bearish stances (save a BTC crash). Simple Fibonacci retracement lines don't even line up all that well with the price action, and the lines are repeatedly violated during the declines (due to the lack of history), overall making the resistance look pretty weak.
Right now, we are doubled up on the .618 of the recent action (shown) and the .236 of the height of the cup, which could prove to be a formidable battle. Directly above this current ~4800 resistance, we're looking at the 50% and the .386, both of which have no history of strong resistance.
Major resistance likely at ~5700, again at doubled-up Fib lines.
Cheers!
- B
P.S. This is not trading advice. This is trivial bumbling at best. Don't be a bum and bumble with me, do your own bumbling on your own time.
There's low probability of breaking out above the cup, but looks like good probability of at least re-testing the top one time (a 30% increase above current price).
The Stoch RSI... i have never seen the Stoch index look so clear and bullish, and for so long. This is on the 2h and 4h charts, and to a lesser extent, the D chart.
The recent break out didn't boast any impressive volume, but even so, the price has stayed bullish and above the down trend for over 17 hours now without much resistance. There is so little history to this coin that it becomes difficult to speculate on resistance lines, and to my knowledge, there are no existing options to short this market, ergo there appears to be little basis for bearish stances (save a BTC crash). Simple Fibonacci retracement lines don't even line up all that well with the price action, and the lines are repeatedly violated during the declines (due to the lack of history), overall making the resistance look pretty weak.
Right now, we are doubled up on the .618 of the recent action (shown) and the .236 of the height of the cup, which could prove to be a formidable battle. Directly above this current ~4800 resistance, we're looking at the 50% and the .386, both of which have no history of strong resistance.
Major resistance likely at ~5700, again at doubled-up Fib lines.
Cheers!
- B
P.S. This is not trading advice. This is trivial bumbling at best. Don't be a bum and bumble with me, do your own bumbling on your own time.