From the Daily chart we can see a text book Double Bottom pattern emerge just before the breakout and continued uptrend begins.
When we take a closer look at the hourly and 30 minute charts we can see two possibly three island reversals which make taking a trade extremely risky when a commodities price could gap down and leave us stranded. This will further complicate the support lines when this occurs because they become untrustworthy when panic selling begins.
i have labeled a relatively safe support zone on the chart as long as we do not incur any catastrophic sell offs these should remain stable. Note that anywhere past the 21.69 support we could drop off to the last major support at 19.02.
The good news is we have a beautiful triple bottom forming on the 30 minute chart followed by new highs. Along with an uptick in the crypto market and hopefully a renewed enthusiasm for crypto mining we may see a nice push into the mid 20's on this one.
Price Targets @ 23.27, 23.80, 24.00(Mental Resistance), 24.51, 25.17
Look for this to break 23.27 and retest this as support for confirmation of continued upside.
Keep a tight Stop Loss if you decide to take a trade on this to hopefully avoid getting stuck on a reversal island.
When we take a closer look at the hourly and 30 minute charts we can see two possibly three island reversals which make taking a trade extremely risky when a commodities price could gap down and leave us stranded. This will further complicate the support lines when this occurs because they become untrustworthy when panic selling begins.
i have labeled a relatively safe support zone on the chart as long as we do not incur any catastrophic sell offs these should remain stable. Note that anywhere past the 21.69 support we could drop off to the last major support at 19.02.
The good news is we have a beautiful triple bottom forming on the 30 minute chart followed by new highs. Along with an uptick in the crypto market and hopefully a renewed enthusiasm for crypto mining we may see a nice push into the mid 20's on this one.
Price Targets @ 23.27, 23.80, 24.00(Mental Resistance), 24.51, 25.17
Look for this to break 23.27 and retest this as support for confirmation of continued upside.
Keep a tight Stop Loss if you decide to take a trade on this to hopefully avoid getting stuck on a reversal island.
Comment:
Retest of support on 15 min looks good. Wait for confirmation on 30min chart for continued uptrend confirmation.