Hello Traders,
Welcome back to another chart, Today’s chart will be on the MJ sector – CRON
Points to consider,
- Price is trending bullish up retest of trend line
- Local resistance a .618 Fibonacci Line
- RSI coming into apex
- Stochs testing resistance
- EMA’s giving price resistance at current given time
- Volume is well below average
- VPVR, showing low volume of transactions from current point
- Current support is being held by the Fibonacci extension – 1.272 zone
CRON is in an interesting place at current given time, it is testing it’s upwards trend line, CRON bulls and or bears have an opportunity to take over from this point…
Price is currently testing support being provided by the Fibonacci Extension which is in confluence with the upwards trend line. Bull have the probability of pushing price up from here as CRON has had a major downwards rally, it would only be natural for the price to have a relief rally…
The RSI is getting closer to its apex whilst the stochastics is testing its local resistance. Volume is currently well below average, we need to see an increase in volume if price where to break either direction.
If CRON is able to respect its trend line, then the probability of retracing back to the .618 Fibonacci is more favourable, posting a potential gain of 20.56%. However if bears break this support and trend line, then CRON can test next lower local support, posting a gain of 27%...
A break either way needs to be confirmed with volume, the VPVR shows low levels of transactions from this point both ways, price should be able to reach targets comfortable upon breakout…
What are your thoughts?
Will CRON respect trend line or break bearish and test lower levels?
Please leave a like and comment
And remember,
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager
Welcome back to another chart, Today’s chart will be on the MJ sector – CRON
Points to consider,
- Price is trending bullish up retest of trend line
- Local resistance a .618 Fibonacci Line
- RSI coming into apex
- Stochs testing resistance
- EMA’s giving price resistance at current given time
- Volume is well below average
- VPVR, showing low volume of transactions from current point
- Current support is being held by the Fibonacci extension – 1.272 zone
CRON is in an interesting place at current given time, it is testing it’s upwards trend line, CRON bulls and or bears have an opportunity to take over from this point…
Price is currently testing support being provided by the Fibonacci Extension which is in confluence with the upwards trend line. Bull have the probability of pushing price up from here as CRON has had a major downwards rally, it would only be natural for the price to have a relief rally…
The RSI is getting closer to its apex whilst the stochastics is testing its local resistance. Volume is currently well below average, we need to see an increase in volume if price where to break either direction.
If CRON is able to respect its trend line, then the probability of retracing back to the .618 Fibonacci is more favourable, posting a potential gain of 20.56%. However if bears break this support and trend line, then CRON can test next lower local support, posting a gain of 27%...
A break either way needs to be confirmed with volume, the VPVR shows low levels of transactions from this point both ways, price should be able to reach targets comfortable upon breakout…
What are your thoughts?
Will CRON respect trend line or break bearish and test lower levels?
Please leave a like and comment
And remember,
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager