On the positive side, CELO has broken the Trend Resistance and the 4-hour chart (not shown) suggests we may bounce off the new support line. That bullishness, however, should be tempered with the Daily chart which suggests Buyer Exhaustion is on the horizon. In addition, I'm seeing negative pressure that could signal a sharp downward move. The chart is too risky for me, I need to see some Daily bullish signals before considering a long.
---------------------------------------------------------------- These are my personal views and not financial advice. Please do your own research before investing.
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Falling wedge at support for CELO? Breakout imminent?
DeepAnxiety
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Great analysis! Hopefully it holds the trendline at 4.2-4.3 while BTC completes its move downwards. Would this be a signal for continued upward expansion?
mercury_rising
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@DeepAnxiety, thank you, friend. It would certainly inject more confidence in the space. Whether that translates into bullish price action immediately, I'm not sure. However, I am expecting a strong bullish move from Bitcoin in the very near future. Cheers