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REEF/USDT Update: Moving within rising channel

Long
BINANCE:REEFUSDT   REEF / TetherUS
Intro:
- Reef Finance tries to become one of the most used blockchains for DeFi.
It's fast, scalable and has a low transaction costs.
Reef Finance is build with Polkadot Substrate and comes with on-chain governance.
- It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states you opinion and maybe leads to further improvements considering my charts and explanations.


Daily chart:
- REEF continuous its recovery and trades within a rising wedge drawn using purple lines.
- The overall volume stays increased and it is likely to see more upwards movement here once we go for higher price targets.
- On the RSI side we got a rejection from the 80 line and are within a very shortterm downtrend most likely towards the 50 line where we expect support.
- We see a golden cross indicated by the yellow camera and a deathcross indicated by the cyan camera.
- The golden cross between the 20 and 50 MA can be seen as sign for a trend reversal while also most other signals tell us the same like price and volume .
- Currently we sit above the new support around 0.22


Expectations:
- Assuming the trend reversal keeps in play and we get some kind of mirror image we expect REEF to touch 0.5 again before the end of 2021.
- Often times price consolidates above a support line which has been passed shortly before we see a bigger pump as separation from the support line.




Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers

ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone . Check the description.