I drew this chart a week ago trying to understand the next monthly trend. While I initially thought I just f**ked up, it seems instead to have some merit and might not be off as much as it was last week, where the chart literally ran around my generous price prediction zone. I cleaned it up a bit and it's still messy tho.
Long term support trends (orange and cyan) have been broken briefly and produced an unexpected momentum boost with the impulse wave being much stronger than I predicted.
This month's resistance (purple) now became support and monthly resistance (yellow) will be tested in the next few days. If it holds things might be ugly, since the next low could be around 130sh and purple line may not hold at all.
But given the strong orange support I'd find odd that the monthly resistance will be a reason for a significant drop, apart from outside factors (FA).
I believe a possible development could be a break of monthly resistance in search of a break of the longer trend resistance line (light purple) so to turn it into support for the retracement.
After the correction wave the price could end up at a point of very strong support and favour a bull run to break 253$ and go challenge 270$-300$ in May.
Thoughts?
p.s. sorry for the newbye language, feel free to grammar-nazi me to correct my technical language
Long term support trends (orange and cyan) have been broken briefly and produced an unexpected momentum boost with the impulse wave being much stronger than I predicted.
This month's resistance (purple) now became support and monthly resistance (yellow) will be tested in the next few days. If it holds things might be ugly, since the next low could be around 130sh and purple line may not hold at all.
But given the strong orange support I'd find odd that the monthly resistance will be a reason for a significant drop, apart from outside factors (FA).
I believe a possible development could be a break of monthly resistance in search of a break of the longer trend resistance line (light purple) so to turn it into support for the retracement.
After the correction wave the price could end up at a point of very strong support and favour a bull run to break 253$ and go challenge 270$-300$ in May.
Thoughts?
p.s. sorry for the newbye language, feel free to grammar-nazi me to correct my technical language
Comment:
Well, I fucked up and zoomed out to 1d when the chart was supposed to be intraday....
Comment:
Then came Litepay news and no TA can hold that....