On the TA side, we see some interesting developments.
The 50 day MA (green) has shown strong resistance and is now forming an interesting pattern.
The 200 day MA has shown strong support and is also forming an interesting pattern.
Both MA’s now converging on the same shape shown in the diagram, which has a key apex decision point approaching soon.
As I have stated before - rarely do we see these patterns hit the actual apex and I expect the market to decide and move strongly before then.
After such as significant move to the downside already, I expect REddcoin to break to the upside and target the next strong indicated. From there we may see a rejection and then update accordingly. Longer term I see a lot more upside for this project and would hold a position above the 50MA confidently.
Clearly, looking at all options, a break below the 200 MA would be bad news and I would update accordingly.
These are my views, And I trade with my money, not yours. So trade safe!
The Colonel xxx