This is a very new project so not much history to go on. However a number of indicators caught my attention, the volume being one. Both on BTC and USD weekly charts. Volume increasing and by no small amount, 24-hour volume @ 30% of the current market capital. The volume follows a strong oversold period, marked in orange and dark orange above. Furthermore, support on the ever important 21-week moving average is established on both weekly charts, this price action looks set to explode.
On the 3-day chart above we can see the bullish engulfing candle follows the oversold period with higher lows on the RSI. On the 1-day chart below the Bollinger Band is converging as price action finds support on the bullish half of the band. This indicates to us a big move is coming.
Downside risk? Yes. However the probability is remote. I'm basing this on a recent bounce from the 0.786 golden ratio.
1-day chart
Weekly USD showing Dragonfly DOJI on 21-week moving average.
On the 3-day chart above we can see the bullish engulfing candle follows the oversold period with higher lows on the RSI. On the 1-day chart below the Bollinger Band is converging as price action finds support on the bullish half of the band. This indicates to us a big move is coming.
Downside risk? Yes. However the probability is remote. I'm basing this on a recent bounce from the 0.786 golden ratio.
1-day chart
Weekly USD showing Dragonfly DOJI on 21-week moving average.
Comment:
A 2nd opportunity to go long
Comment:
Up 330% since December back to previous high and is now overbought. Not yet a sell signal, but might be a idea to start taking profits.
Trade closed manually
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR