The chart shows us that MONA has found a good support on the rising red trend line and showed a nice bounce off of it.
There is also a hidden bullish divergence to be seen if we compare the RSI to this rising trend line.
This could indicate to the correction being over and can also be seen with the ABC correction waves.
What I am looking for at the moment is for the price to retest the rising trend line for extra confirmation on this trade. Confirmation of a breakout wold start with a close above the 100 day MA and a break above the .236 fib level.
A similar correction pattern before breakout can be seen from 13 october to 5 november.
Until then, happy trading!
There is also a hidden bullish divergence to be seen if we compare the RSI to this rising trend line.
This could indicate to the correction being over and can also be seen with the ABC correction waves.
What I am looking for at the moment is for the price to retest the rising trend line for extra confirmation on this trade. Confirmation of a breakout wold start with a close above the 100 day MA and a break above the .236 fib level.
A similar correction pattern before breakout can be seen from 13 october to 5 november.
Until then, happy trading!
Comment:
What I'm looking for now is for the to find support on the 100 day MA and then curve back up to restest and break above the .236 fib level.
