Hello cryptobuds,
just a quick update, the resistance of 7780 has been broken but we didn't see follow through so it is still a resistance. As we are getting more and more oversold, as bulls buy the dips quickly and there is barely any bearish action, the RSI on the daily timeframe is approaching 70. Forming a higher low would be very healthy for maintaining the trend.
There is a possibility of breaking the 7780 resistance without pulling back significantly, for example after testing the EMA support on the 4H time frame. If we see decent volume and follow through this could lead to a potential of a change of the weekly downtrend, putting the bulls in extremely favourable spot.
just a quick update, the resistance of 7780 has been broken but we didn't see follow through so it is still a resistance. As we are getting more and more oversold, as bulls buy the dips quickly and there is barely any bearish action, the RSI on the daily timeframe is approaching 70. Forming a higher low would be very healthy for maintaining the trend.
There is a possibility of breaking the 7780 resistance without pulling back significantly, for example after testing the EMA support on the 4H time frame. If we see decent volume and follow through this could lead to a potential of a change of the weekly downtrend, putting the bulls in extremely favourable spot.