On the above 5-day chart price action has corrected over 90% since April 2021. Now is a good opportunity to go long. Why?
1) Price action and RSI resistance breakouts.
2) Price action finds support on past resistance.
3) Strong positive divergence between price action and multiple oscillators. This divergence occurs over a 90 day period as was the previous.
4) The flagpole measures out at 800% to target.
Is it possible price action could fall further? Sure. Is it probable? No.
Ww
Type: trade Risk: <=6% of portfolio Timeframe for long: now Return: 800%
Trade active
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GRM support was confirmed at publication.
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resistance no more, sellers exhausted
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Past resistance confirmed as support.
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Act.
Trade active
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Comment
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Following the 200% move of this week (where profits should have been taken if you're a swing trader) the resistance breakout from 0.031 price action now must confirm support. That support test is still a 40% correction away.