Harmony was rejected by the 20 day SMA with very little local support to slow price decline. The next significant support is at the 50 day SMA, which is currently trading around $0.11-$0.12. The Ichimoku cloud also presents a possible support area, although the tenken just crossed below the kijun, which is generally a pretty reliable sell signal; and the chenkou span is moving back down toward the priceline, so it's possible that a more sustained downtrend is coming.
Looking at the 50 SMA to provide a signal as to whether a reversal of the local downtrend is in the cards for Harmony.
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Current retesting the 20 day SMA as resistance, rejection likely pulls price down to the 50 day SMA to retest it as support. A break above the 20 day SMA will most likely see a brief run up with a pullback to retest the 20 day SMA as support. If that holds, then continuation to the upside is probable.
Cloud is still green, so no signs of bear trend yet. On the Daily baseline is still going higher, wouldn't be more bearish when it starts a downward trajectory ?
Crypto_Mayhem
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@tmilios, yeah, it would. I'm just looking for entry points for a long, rather than actually shorting it, but since the trend still looks like it's headed south, I'm holding off for now. We may see a reversal at the 50 SMA, or when the price line hits the top of the cloud. But if it enters the cloud, it becomes a no trade zone.
tmilios
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@Crypto_Mayhem, I been caught on this downtrend since I am looking more in the long term scope of the cycle but I agree with you..
4h does not seem to gain any momentum since the recent highs, and it does not look pretty good(not sure entry). There is a trend line currently holding this structure on the 14c level but 50MA is lost. If this break 10-11c is into play.. but if MM's steps in with buys it should shoot up easily.
I would like to thing that correction is over...due to the whole market pumping.. and it should do something similar with VET and ADA where they consolidated for a while before next leg up.
Crypto_Mayhem
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@tmilios, I think you're probably right that it's going to have another leg up before too long. As soon as the indicators start changing from red to green, I'll definitely be buying back in. Made a nice 30% profit between $0.09 and $0.12, but missed the continuation profits because I all of my attention was on ADA. I don't want to miss the next run :)
tmilios
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@Crypto_Mayhem, We are at the "Start" of the alt season according to last years statistics. All the main player alts are currently on the run. We shall see money moved to the less popular when XRP,ADA,VET are overextended.