RCN vs USD

RCN has now completed a correction to the golden ratio following confirmation of the head and shoulders pattern breakout back in June 10th resulting in a 55% correction in price action. The oversold period was end of July (dark orange vertical bar).

The resistance trend line (orange) following the breakout was recently broken and has now just been confirmed as support (early September).

On the weekly chart below MFI has broken resistance with the 50-week moving average about to cross through the 21-week. (circled in orange) - Expecting a similar strong upward move in price action when it happens, just as before.

Comment:

Thought this was interesting and worth sharing. Below is a 10-day chart which has recently just printed a new candle. This formation between rising price action and lower lows in the oscillators is called 'hidden bullish divergence'.

The MFI is consolidating inside a very nice falling wedge, will be very exciting when it pops. Can see an easy 10x gain here in the months ahead.

Comment:

Well you can never time the bottom.

Every alt position I'm studying at this moment points to a recovery around mid-October.

Trade active:

Nice band to band transition on the Bollinger Band today.

Before adding more to my position, I'll be waiting for a higher low to confirm trend reversal. Ping me below if I do not update!

Comment:

Considering closing this idea. Market structure remains intact for time being. The 10-day chart below however looks very bearish, with a potential 65% collapse in price action. Watch the $0.03 level. A break through here would open the door for a significant collapse.

Trade active:

Finally making progress - the importance of patience.

Comment:

Following the 21-weekly EMA cross with the 100-week EMA (lower orange circle) price action has now broken out of past resistance (higher orange circle). A move to 45 cents should now be expected.

Trade active:

Look at that monthly candle for the month of April - impressive. Not a Dragonfly DOJI, too much shadow above the body. However it does indicate strong support on previous resistance.