Hey guys how are you all doing? We have reached past 6500 and I'm looking at 7000 to 7200 this week. The price for profitable mining was at 7700 before Corona event, it is now an attainable target if price action continue. I will be giving an analysis for the Weekly chart. I am heavily leaning on my algo for this analysis now that the corona panic hasn't brought out any new surprises as of yet. Lets get to it.
Key Indicators for W1: - Stoch RSI: We are at the bottom with two lines crossing up. - RVGI: We are in the middle at '0' and this is a really lagging indicator that will tell me the strength of this trend. Right now it is still pointing down but I expect this will take 2 more days of Bullish continuation before it crosses over to top. Im not worried though because it didn't tough on the previous weekly lows (Blue Line). - Chart Pattern: If price action continues, D1 is showing Cup and Handle pattern. - Convergence/Divergence: There is a Bullish Convergence starting to show in the W1. - Price Action: Good steady bullish trend at H4 and D1. - Fib Retracement and Support: The .50 fib which acts as my ultimate support for the bullish continuation hasn't been breached at 5600. - Volume: The Red volume bar 2 weeks ago (which saw the drop to 3600) has been almost equalized by the Buy Volume for the previous week, and Good buy volume has also been observed at the D1. - Personal Bias: Hopeful Long till 7700 for 2 weeks
If you like my idea, please click Like and Subscribe! I also do Fx charts, so dm me for more chart analysis. As always crazy volatility and market is relatively low on liquidity, so we are prone to slippage. Let's keep his in mind when we place our position. Safe trades everyone and Keep Safe! Cheers :)
$6,800 will wipe out most short, people go long thinking over 7k and price will get smashed to 6k or lower.
edptaiki
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@LadaToLambo,
that could happen, but as long as 5600 holds then i am inclined to stay long till 7000.
6900 was the previous week high. if we dont reach that by this week then i will change my view accordingly based on my algo. safe trades mate