Following a 75% correction since the mid-August double top the above 1-day chart is showing us some indication of a reversal.
Facts:
1) Consecutive higher lows in price action sharing the same trend line established during the correction in March.
2) Since the correction price action has tested resistance (orange line) on two occasions and been rejected. Price action then tests support three times and is now found as support - I like it!
3) All three oscillators (RSI, Stochastic RSI, MFI) are showing us ‘higher lows’ during price action consolidation (occurs after sell off). A break out of resistance in the oscillators is followed with higher lows during price action consolidation since the overbought condition (green column) - this is a good.
Can price action fall lower? For sure.
Is it probable? Unlikely. The risk reward is very much now in the buyers favour.
Estimated target? 20 cents or 10x from current levels.
4-day chart:
Oversold stochastic RSI now crossing up (circled in black).
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A breakdown of the rising support trend line in the past couple of days. Trade over? No at all. Looking left we can see a support area at $0.015. Look out for a bounce from here before going long.
Trade active
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Not two months and already a 60% move to the upside - not bad.
Support should be around 27 cents before continuing higher. A higher low was recently printed thereby confirming a trend reversal.
Trade active
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Lovely price structure on this 2-day chart as a hidden bullish divergence emerges.
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Looking fantastic - current run should find resistance at 900% or 20 cents.
Resistance could be broken, however. Time will tell.
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Over 400% so far... Weekly chart is looking great - if price action closes the week at current levels, further upside gains will be very probable.
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Might be a good place for a sneaky swing trade to 10 cents.
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No more sneaky swing trade - opportunity is past with 50% correction from the top to 10 cent area.
Trade active
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400% move should be expected over the coming months.
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And there it begins. A entry near 11 cents is excellent.