AlanSantana

Ambrosus Chart Analysis | Retrace Might Be Over!

Long
BINANCE:AMBBTC   Ambrosus / Bitcoin
Ambrosus ( AMBBTC ) retrace might be over... Let's take a look at the chart above together and see if we can find out why!

  • First we have these trendlines in purple which looks like a triangle, right now we are seeing a breakout with a full green candle.

  • AMBBTC right now is trading above EMA10, 50 and EMA100. (Daily candle close is needed for confirmation. If prices move below the EMA lines, this signal is invalidated).

  • Trading volume starting to increase.

  • Bullish RSI .

  • The first low after the 13-Oct. peak price hit the 0.618 Fib. retracement support, a classic level for reversals on bullish cycles. Giving us another signal that AMBBTC might continue to move up.

The chart is drawn in a simple way and you can see by hitting "play" where the price will go depending on the candle close.

Above 0.00000384 AMBBTC can easily gaing momentum to the upside.
Below 0.00000292 AMBBTC can easily breakdown and move lower.
The light blue space is the consolidation box.

Thanks a lot for reading.

Namaste.
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