Shooter takes all, lets go.
Simplicity is best right? We're catching up on a VERY long term uptrend line that originates back at the OG ATH @ 1200.
The last two times price touched this uptrend line there was a massive bullish candle (engulfing/hammer) with incredible volume. This strongly supports the strength of this line to hold up price.
RSI is complementary with this as well after having reached a deep bottom and beginning a move up in a bullish divergence
Chaikin Money Flow has also stayed relatively close to neutral during this move, and is now diverging back into bullish territory, showing a shift in money flows towards the long side.
P.S look at the weekly chart I post below, pretty pretty.
Simplicity is best right? We're catching up on a VERY long term uptrend line that originates back at the OG ATH @ 1200.
The last two times price touched this uptrend line there was a massive bullish candle (engulfing/hammer) with incredible volume. This strongly supports the strength of this line to hold up price.
RSI is complementary with this as well after having reached a deep bottom and beginning a move up in a bullish divergence
Chaikin Money Flow has also stayed relatively close to neutral during this move, and is now diverging back into bullish territory, showing a shift in money flows towards the long side.
P.S look at the weekly chart I post below, pretty pretty.
Comment:
Weekly:
Comment:
PSA: Be wary with this chart, although it appears strong, we are still not out of the woods yet with a lot more sell volume than buy volume.
Comment:
Broke out of the current downtrend line - good but not a home run yet, volume needs to fill in
Comment:
First close above 200 MA/EMA in a while, you know what this means...
Comment:
P.S if all else fails:
Comment:
Closed most of the long in 8k area, if it breaks 7800 support I will close rest
Trade closed: target reached:
Thanks for riding along, onto the next one.
Comment:
Updated this with a new chart, check it out, same logic!
