It appears to be a bullish divergence on the MFI at a 2-hour time frame. We are also at the bottom of the current wedge I've seen played out. I'm thinking a long at this position or wait for a divergence on the 4hr. A stop loss have seemed to have always gotten me hurt, but on a conservative level I would place one at 9k and maybe move it closer to 9.6k. There is chance that we will dip below the wedge before heading back upward. Target price to close will be somewhere around 11.7k.
There might be a breakout at 11.7k, at the top of the wedge, but I'm still seeing 10.6k at the beginning of September to be more likely. I can easily change my mind but I need to see something on the chart to justify it.
There might be a breakout at 11.7k, at the top of the wedge, but I'm still seeing 10.6k at the beginning of September to be more likely. I can easily change my mind but I need to see something on the chart to justify it.
Comment:
I'm reading a possible ascending wedge formation and I have written about that before. If we break support I do believe it is confirmed. Greed/Fear index is all the way at 11, very fearful alternative.me/crypt...ear-and-greed-index/