First is the June 2022 lows, and the second is the year old diagonal.
If we get a close above those two intersecting resistances, then I think it's reasonable to target ~30c.
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Bullish weekly close. In the bear market, these breakout plays turned out to be scams, usually. In other words, bulls were lured in, and then slaughtered, but if we're now in a new regime (the echo bubble thesis), then this breakout should play exactly as it looks...
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So far, so good. We've closed above both diagonal and horizontal resistance, and came down to retest them. They're now acting as support, but I expect heavy volatility this week, and wouldn't be surprised if we wick below.
If it closes below on the daily chart, but the weekly closes back above, that's bullish. Closing below on the weekly is not good.
Looks like it’s been validated, interesting chart though, never really bothered much with log charts. I have .34 as a TP but I have a feeling it’s going to go much much higher if this AI hype keeps building.
fritzz
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@obriennathaniel, I don't really know much about the coin, except the basics. Good to know there's a potential AI narrative behind it. Ideally we sell at 0.3 - 0.35 and buy back at 0.08, though.
humblememefarmer
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@obriennathaniel, looks to me like stiff resistance on the monthly. Would like to see the weekly candle close above 9.6 cents, and the monthly candle on Tuesday as well. Then we're off to the races.
fritzz
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@humblememefarmer, Weekly looking good so far. Let's hope we don't get scammed with the breakout
adamicius
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why do you call it Echo Bubble? You think it is not a start of a new cycle?
fritzz
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@adamicius, Imo, a cycle begin with a halving and lasts 4 years until the next one. Each cycle is typically a. 1.5 years up b. 1 year down c. 1.5 years sideways, chop, but generally slowly up I think we're in "c" right now, and I expect this year to have some chop, meaning BTC back in the mid to low 20ks, and alts following suit.
adamicius
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@fritzz, thanks, yes - could very well be the case!