SQ has been dipping recently after hitting new ATH. This drop has mainly been fueled by very volatile swings to the downside in bitcoin which in my opinion have been led to overly dramatic moves in SQ which is way more than just a bitcoin company. SQ is only just getting started and is growing at an exponential pace as earnings show. CoVid is not ending anytime soon and more wireless technology will continue to be used more.
Technicals: due to the "flash" dip today, SQ retested its 50 DMA and tested the 100MA on the 4HR time frame. Furthermore, it also broke the lower Bollinger band, indicating that this downside move was an extreme move which is most likely overstated. I think SQ can find support at these strong moving averages and pairing this with the fact that it has been extremely beaten down as seen through the bollinger bands, I think this is a solid entry for some serious upside potential.
Targets:
I plan on holding this for the longterm so I don' t plan on exiting any time soon but I think some good targets to watch are 227 and 240. Also watch 200 if this makes a turn to the downside.
Technicals: due to the "flash" dip today, SQ retested its 50 DMA and tested the 100MA on the 4HR time frame. Furthermore, it also broke the lower Bollinger band, indicating that this downside move was an extreme move which is most likely overstated. I think SQ can find support at these strong moving averages and pairing this with the fact that it has been extremely beaten down as seen through the bollinger bands, I think this is a solid entry for some serious upside potential.
Targets:
I plan on holding this for the longterm so I don' t plan on exiting any time soon but I think some good targets to watch are 227 and 240. Also watch 200 if this makes a turn to the downside.