Subtracting BTC's recent and ongoing volatility, I think it's just too darn early to tell. And, again, BTC, moves, can send alts in a tailspin.
Where might you keep a close eye to spot bullish continuation or a trend reversal to bear?
I think .38 fib at about $14.88, is where we should see double bottom market structure (with confirmation) form if this is a bull.If you trade candlesticks, keep an eye out for inverted empires or bullish railroads, hammers too. It's also an area where me may see failed bullish retest and a continuation down putting in a confirmed bearish double top. Possible bearish railroads or falling star candle patterns.
$13.78, is right at horizontal and trend line support. Critical that price respects this or next stop, down...
At $12.08, would be a 50% retrace. Could see bullish market structure here take form. Not uncommon for price action to come down and tag this.
Finally, $11.32 would take price back into value and would likely revisit much lower. I would declare this very likely bullish, especially if overall crypto trend is weak.
On the up side, if it picks up momentum and looks favorable I'm seeing not much resistant North. Could see potential profit taking areas in mid-high twenties to mid thirties, where I suspect big players who are accumulating during these dips would start selling back to the retail public.
I love BAND. I have a bag. I think it's extremely undervalued. Love the low circulating supply. Awesome dev team. Big name VC firms behind it, and really Chainlink's only serious competitor in the space for the moment. Important to say, I really try hard not to trade my opinions or to make predictions.
I will share my take on the internal indicators of market strength below in another chart.
I've numbered my chart to take you chronologically through my thinking when looking at assets.
BTW, I'm a beginning trader/technical and fundamental analyst. Received my education and training from The Rational Investor (TRi) school for trader development. I welcome comments and differing opinions, please share. Happy Trading!
Here are the internals. They are looking a little bearish, but we will have to wait for indicator confirmation and location confirmation in price action.
Trade active
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**Should read: Finally, $11.32 would take price back into value and would likely revisit much lower. I would declare this very likely *BEARISH (not bullish), especially if overall crypto trend is weak.
OMG! What a wonderful detailed educational review! No wonder you were questioning my ANKR long signal. :)
I’ll tell you what… I’ll study this chart of yours further later in the day to give me a better understanding to the way you see/analyze. I feel my indicators are like fortune telling next to your TA. ;)
Cryptough
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@eBlockChain, hey there. Thank you for the comment. I hope I didn't come off questioning your decision to enter the market. I was just trying to learn what you use to make that decision because it wasn't clear to me from the chart. I don't fancy myself as a versed continuation trend trader, so I'm trying to learn from others. :)
eBlockChain
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@Cryptough, I absolutely enjoy your comments, and looking forward to learn from your insight all the way.
Rmando999
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I do agree with you and think the same Band is extremely undervalued and I think by month of June it will be trading around $25-$30
I’ll tell you what… I’ll study this chart of yours further later in the day to give me a better understanding to the way you see/analyze. I feel my indicators are like fortune telling next to your TA. ;)