On the above 2-week chart price action has corrected 60% since the bearish divergence back in February 2020. Now is an excellent time to be long, why?
1) A buy signal has printed.
2) Regular bullish divergence. 11 oscillators are currently printing bullish divergence with price action.
3) RSI and price action resistance breakout.
4) The 2-day stochastic RSI is crossing up 20 (purple circle) - do not ignore such beautiful signals.
5) Although the monthly candle is yet to close bar a few days, the monthly chart below is worth some attention. Price action is on significant support. Look left. It stands to good reason should price action close at 230-240 in the days towards the end of the month the candle will close green.
6) The last time monthly support was confirmed on this support / resistance level price action appreciated 90% and 150%, respectively. I think it is reasonable to assume a test of the upper channel resistance shall be repeated should this support be confirmed at the end of the month.
Is it possible price action falls further? For sure.
is it probable? No.
Ww
Type: Investment Risk: <=6% of portfolio Duration: N/A Return: 2x