We see a bullish megaphone happening on the 4h chart with a breakout out of the ABCDE correction. Bollinger bands are stretched, so this means a cool-down of price movement is likely until the bands constrict. Usually, the price falls to around the mid-point (the dotted yellow lines) of the b-bands. The yellow line also coincidentally also lines up with the breakout zone and new support. A re-test of the breakout zone usually happens before another leg up. I am predicting a pull back to around the $33 zone, with some sideways action along the support before the next move to around the red upper b-band around $47 for a potential 30% profit from $33.
Disclaimer: I am not a financial advisor, this is not financial advice and merely my own idea. Always do your own research.
Disclaimer: I am not a financial advisor, this is not financial advice and merely my own idea. Always do your own research.
Comment:
The unlikely scenario happened and the upward pressure still appears hot. Price action still bounced almost exactly on my target. I would expect consolidation for the median yellow line to catch up before the next leg up.