RSI trending up during the entire falling wedge, it bottomed as the wedge started, and then moved above 30 at its bottom. Wedge broke out, price fell back to weekly support near the same bottom.
So, we have bullish divergence b/w RSI and price, a bullish falling wedge that broke out but hasn't risen yet. Price fell back to weekly support a second time, potential double-bottom.
Finally, price is moving within its tightest range on the daily in its entire history.
Could we see a final strong drop before it moves up? Yes, but it looks good and ready to at least make a move into the first area of resistance, and back into the 200s.
I think a larger move is in store, however. Let's see.
See my other post on HBAR/USD in the related ideas below. I think HBAR wants to move back into the middle of weekly resistance vs. USD (around 21-31 cents)
So, we have bullish divergence b/w RSI and price, a bullish falling wedge that broke out but hasn't risen yet. Price fell back to weekly support a second time, potential double-bottom.
Finally, price is moving within its tightest range on the daily in its entire history.
Could we see a final strong drop before it moves up? Yes, but it looks good and ready to at least make a move into the first area of resistance, and back into the 200s.
I think a larger move is in store, however. Let's see.
See my other post on HBAR/USD in the related ideas below. I think HBAR wants to move back into the middle of weekly resistance vs. USD (around 21-31 cents)
Comment:
USD Pair Chart:
Comment:
Here's another view supporting the double-top idea:
Comment:
It has fallen a bit further but still showing bullish divergence:
