CTSI/USDT breakout complete on the daily, R/S retest underway
Overview: CTSI/USDT seems to have most of its work behind it. Successful breakout on the daily t/f. From this point, a successful retest of the 0.05730-0.0750 area would confirm.
Analysis: Last line of resistance on the daily was the 0.0573 area. Breakout complete. The retest is underway, but may not fully form if the momentum remains strong and BTC holds up. The arc I use helps visualize potential parabolic price action. The double curve is used to identify potential retesting and continuation patterns.
Deeper Dive: The trader's advantage here is that by the time the coin has reached this blue sky breakout point, most of the risk was shouldered by traders and investors who played the bottom and endured many lines of resistance. By the time the asset reaches the final line of resistance, these individuals deserve to sit back and watch everyone clamor to establish a reasonable price. As with everything, it doesn't always happen this way, but it is a common occurrence.
Comments: Feels a bit redundant at this point, but it looks like many of the alt coin pairs we've been looking at for the past month. Bitcoin had a moderate move up today, and this made everyone sit up and pay attention. Although I didn't see bulls willing to push it higher, I also didn't see bears attempt to create a fake out wick and push us back to 9100. That said, my optimism remains not only cautious, but as I stated in another post - it is fragile.
Final thoughts: Low cap coin - exercise risk management accordingly. Monitor the broader market. Do your own research regarding the fundamentals of the CTSI project. Don't get drunk on fomo. Have fun.
Good luck.
Analysis: Last line of resistance on the daily was the 0.0573 area. Breakout complete. The retest is underway, but may not fully form if the momentum remains strong and BTC holds up. The arc I use helps visualize potential parabolic price action. The double curve is used to identify potential retesting and continuation patterns.
Deeper Dive: The trader's advantage here is that by the time the coin has reached this blue sky breakout point, most of the risk was shouldered by traders and investors who played the bottom and endured many lines of resistance. By the time the asset reaches the final line of resistance, these individuals deserve to sit back and watch everyone clamor to establish a reasonable price. As with everything, it doesn't always happen this way, but it is a common occurrence.
Comments: Feels a bit redundant at this point, but it looks like many of the alt coin pairs we've been looking at for the past month. Bitcoin had a moderate move up today, and this made everyone sit up and pay attention. Although I didn't see bulls willing to push it higher, I also didn't see bears attempt to create a fake out wick and push us back to 9100. That said, my optimism remains not only cautious, but as I stated in another post - it is fragile.
Final thoughts: Low cap coin - exercise risk management accordingly. Monitor the broader market. Do your own research regarding the fundamentals of the CTSI project. Don't get drunk on fomo. Have fun.
Good luck.