Analysis: ASTR at a decision point, keep an eye
ASTR is currently in an uptrend. It may continue the rally up; however, the trend is at a decision point. Where will ASTR head? Let's look at the 4H chart and see what we have.
The currently bullish factors:
1. Falling wedge formation, which is usually bullish
2. Tested Lower channel support
3. Price above EMA100
4. Possible early RSI breakout
The currently bearish factors:
1. Consolidation from April 11-15 breakdown(box in the chart)
2. 0.382 Fib old support turned into resistance
3. RSI Divergence from the last 2 peaks
So we have the bullish and bearish factors. The things that make ASTR on a decision point are:
1. Very tight consolidation between the 0.382 Fib and Lower channel
2. Wedge formation nearly completed
3. Decreasing volume over time
Forecast
If it successfully breaks out over the 0.382 Fib and the falling wedge, ASTR may reach 0.28, the first resistance, and may continue rallying into the upper channel. If it breaks the falling wedge and lower channel to the downside, the first support may be the EMA100 and the next supports are the 0.5 Fib and the previous low. Price and time will tell where this goes.
Here are things to watch out for:
1. Breakout of the lower channel to the downside
2. Breakout of 0.386 Fib
Thanks for reading this post, stay tuned for the next analysis! Also, if you are going to trade this analysis I suggest you DYOR first.
The currently bullish factors:
1. Falling wedge formation, which is usually bullish
2. Tested Lower channel support
3. Price above EMA100
4. Possible early RSI breakout
The currently bearish factors:
1. Consolidation from April 11-15 breakdown(box in the chart)
2. 0.382 Fib old support turned into resistance
3. RSI Divergence from the last 2 peaks
So we have the bullish and bearish factors. The things that make ASTR on a decision point are:
1. Very tight consolidation between the 0.382 Fib and Lower channel
2. Wedge formation nearly completed
3. Decreasing volume over time
Forecast
If it successfully breaks out over the 0.382 Fib and the falling wedge, ASTR may reach 0.28, the first resistance, and may continue rallying into the upper channel. If it breaks the falling wedge and lower channel to the downside, the first support may be the EMA100 and the next supports are the 0.5 Fib and the previous low. Price and time will tell where this goes.
Here are things to watch out for:
1. Breakout of the lower channel to the downside
2. Breakout of 0.386 Fib
Thanks for reading this post, stay tuned for the next analysis! Also, if you are going to trade this analysis I suggest you DYOR first.
Comment:
ASTR breaking out of the wedge and 0.382 Fib
Comment:
A bit late, but ASTR bounced on the light blue support in the chart
