REEF is at a key level to confirm it´s trend for short to medium term movement. In my opinion we are in a bull pennant which is about to decide about REEF´s next destination. If we can hold a the current level, a break out out of the pennant is very likely in the next hours to a day, I´d say. If we break to the downside, price might go back to the 0.035$ level. My opinion is that a move to the upside is very likely, considering the overall bullish trend, increased volume, news etc. If we break to the upside my short to medium term targets are 0.052$, 0.054$ and 0.056-0.060$.
!!! Not a financial advice. Analysis based on personal opinion. Please make your own technical analysis. !!!
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The last 4 hours have secured my belief for a push to the upside. It is now trying to break out of the pennant. We might get a retest on the pennant upon breakout. But we will go up from here.
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We are approaching a breakout. The top line of my pennant was actually bit to low, I forgot to correct that when I posted. But we didn´t lose the support which is a good sign. There is still resistance at this point but I´m patient.
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I´m still bullish on REEF. We got a nice bounce on the hourly chart. I want to see 0.043 break, as that was an area with a lot of resistance. If it breaks it´s party time.
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Price is currently being supported at a key level. After the bounce earlier, we dropped but a breakout is near. This is currently accumulation and we should soon see our expected move.