Double Bottom - Hold your horses...
Looks like we are in the same position we were in a few days ago before DERC pumped 35%. As I have said in a previous post $2.50 is an extremely important level of support. Theres a lot of confluences here as its proven level of support, a .618 fibonacci level and also a Point of Control.
Early today, I said I am expecting a bullish reaction off of this level ($2.50) but also prepared if we break through by having buy orders set at the next level of support which was $2.20... and right now we are starting to see this reaction I mentioned, hopefully theres enough momentum to push it to all time highs.
Right now we have a bullish DBSI on the 4hr with -5 / 15.
Even though the fractals have been eliminated I still have hopes the price will reach $5.20 in the near future. Theres too much good news lined up.
Be prepared if it does pullback to $2.50 again because theres a chance it wont hold since the more times you touch a level the weaker it gets.
Cheers,
Taz
Early today, I said I am expecting a bullish reaction off of this level ($2.50) but also prepared if we break through by having buy orders set at the next level of support which was $2.20... and right now we are starting to see this reaction I mentioned, hopefully theres enough momentum to push it to all time highs.
Right now we have a bullish DBSI on the 4hr with -5 / 15.
Even though the fractals have been eliminated I still have hopes the price will reach $5.20 in the near future. Theres too much good news lined up.
Be prepared if it does pullback to $2.50 again because theres a chance it wont hold since the more times you touch a level the weaker it gets.
Cheers,
Taz