Ellipsis currently is within a big consolidation which is indicated by the violet lines.
The volume drops before the final breakout which seems imminent since we are in the apex of the consolidation wedge.
Daily chart on the left hand side:
- We see the price consolidation into a very narrow range.
- The RSI is hovering over the 50 line and it looks like gearing up for an upwards move.
- The average trading volume is increasing and the next pump will likely be even bigger.
4h chart on the right hand side:
- Wee see a strong consolidation for the RSI.
- There is a golden cross from the 50 and 200MA indicated by the yellow camera.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
The volume drops before the final breakout which seems imminent since we are in the apex of the consolidation wedge.
Daily chart on the left hand side:
- We see the price consolidation into a very narrow range.
- The RSI is hovering over the 50 line and it looks like gearing up for an upwards move.
- The average trading volume is increasing and the next pump will likely be even bigger.
4h chart on the right hand side:
- Wee see a strong consolidation for the RSI.
- There is a golden cross from the 50 and 200MA indicated by the yellow camera.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
