So, I'd gotten sucked into the false belief that BAND didn't hit an intermediate top when it did.
I was fooled by other coins blasting through similar points.
All the while I was noticing that Bitcoin was showing signs of weakness, and perhaps reaching an intermediate top of its own. That did end up happening, and we got the corrections in the USD pairs as we did.
So, this brings us down close to the 11 dollar support, where we are repeating an accumulation area close to the first 10 days of February. Once we were able to break out of that area in february, that is when we went close to $20.00 US.
Currently I think that we just did our confirmation "hook" onto the top area of a local downtrend (which has confluence with a Gann Fann for this price action area) to confirm it as support, and there is a chance that we may go up from here to test the ATH, where my next target area is $23-24.00.
There is an area just below this that goes to the strong support of $7.00, but I think that just as we do to the upside, everyone tends to over-shoot the correction, too, and expects it to go a little bit further than what it actually ends up doing.
I would keep funds on the side just in case we do go visit the $7.00 region, but I would not hold my breath on it, either.
So again, I would have my eyes on our current All Time High in BAND around $20.00 as a first target, $23-$24 as a second target, and $32.00 as big target for this intermediate term run if we get it. I have targets higher than this, but I tend to trade in what I see as intermediate trends in the market.
Thank you!
I was fooled by other coins blasting through similar points.
All the while I was noticing that Bitcoin was showing signs of weakness, and perhaps reaching an intermediate top of its own. That did end up happening, and we got the corrections in the USD pairs as we did.
So, this brings us down close to the 11 dollar support, where we are repeating an accumulation area close to the first 10 days of February. Once we were able to break out of that area in february, that is when we went close to $20.00 US.
Currently I think that we just did our confirmation "hook" onto the top area of a local downtrend (which has confluence with a Gann Fann for this price action area) to confirm it as support, and there is a chance that we may go up from here to test the ATH, where my next target area is $23-24.00.
There is an area just below this that goes to the strong support of $7.00, but I think that just as we do to the upside, everyone tends to over-shoot the correction, too, and expects it to go a little bit further than what it actually ends up doing.
I would keep funds on the side just in case we do go visit the $7.00 region, but I would not hold my breath on it, either.
So again, I would have my eyes on our current All Time High in BAND around $20.00 as a first target, $23-$24 as a second target, and $32.00 as big target for this intermediate term run if we get it. I have targets higher than this, but I tend to trade in what I see as intermediate trends in the market.
Thank you!
Comment:
and there you have it, a bounce from the point of interest. Hopefully it holds.