DUSK/BTC - Divergences everywhere! Can it break out? Long

Dusk Network / BitcoinBinance

Description

⋅ Jan 22, 2020 9:49 PM

DUSK is setting up for a nice trade despite the bearish market structure. Can the bulls push it up higher? I think it's possible.

My reasoning:

Structure: Falling wedge chart pattern getting very tight.
Divergence: Confirmed div in histogram , divs in willy and RSI.
Volume: OBV is strong, showing a lot more buyers than sellers despite the falling price. Divergence since late November.
VPVR: Below the POC, however the notch above coupled with the strong volume coming in I think we can fill it.

Falling wedge pattern (stockcharts): school.stockcharts.com/doku.php?id=chart_analysis:chart_patterns:falling_wedge_reversal

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Trade active

⋅ Jan 22, 2020 9:51 PM

Trade closed: stop reached

⋅ Jan 28, 2020 2:19 AM

The answer is no! Despite the incredibly bullish setup, there was absolutely no follow through and we lost support once BTC started gaining momentum. An altcoin trader's life ;-)

Comments

Cryptonite_trader

⋅ Jan 23, 2020 4:35 AM

Nice find