On the above 3-day chart price action has corrected almost 80% since early September. Now is an excellent moment to be bullish. Why?
1) The ‘incredible buy’ signal prints. Not to be ignored on this time scale.
2) Price action resistance is broken.
3) RSI resistance is broken.
4) Price action prints a Dragonfly DOJI on the weekly chart (below)
5) Points 1 to 3 are also true for the RAMP / BTC pair with the addition that price action is now also on the 0.618 golden ratio.
Is it possible price action falls further? For sure.
Is it probable? Very unlikely.
Good luck!
WW
weekly chart
2-day RAMP / BTC chart
Trade active
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The 2-day chart below shows 10 oscillators now printing bullish divergence with price action.
Comment
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Expect price action to break out in the coming days. On the 2-day chart below you can see price action is compressing into an ever tighter trading area within the falling wedge following the 'incredible buy' signal. The longer it takes to breakout the stronger the breakout will be.