I know, I know this looks messy but I am using multiple indicators just to confirm the potential bullish nature of this chart. This is on the 4H which I have seen to be a good time frame to analyze low cap crypto, since they tend to move very quickly. Also, I like to use volume supports to determine horizontal price targets because to me it is “real” data and not something just made up to make the chart look pretty.
This is what the chart is indicating:
1. 4 out of 4 on Bullish setup on ichimoku system: bullish T-K cross, price above cloud, cloud is bullish, lagging span above price.
2. Bullish 50-100 MA cross: long signal.
3. Currently price sits at a strong VPVR support which happens to be at the 0.236 fib level.
4. The bottom edge of the cloud seems to be at around 2300 sats.
5. VPVR shows that the bears were trying to take the price down to 1100 sats earlier this month before the buyers came in to support price.
Forecasts:
1. Some resistance at the 0.5 fib level at around 3600 sats. This level shows strong VPVR resistance so will need some good volume to come in to break this level.
2. Ultimate target should be the 1.618 fib level at about 7700 sats IF price breaks above 3600 sats.
Caveats:
1. This setup fits well with the general expectations with DeFi in Q2 2021. PROVIDED solutions like optimistic rollums / uniswap V3 comes out and fees are reduced on dexes.
2. Cut your bags if indicators flip bearish, particularly if price goes below 2000 sats.
This is what the chart is indicating:
1. 4 out of 4 on Bullish setup on ichimoku system: bullish T-K cross, price above cloud, cloud is bullish, lagging span above price.
2. Bullish 50-100 MA cross: long signal.
3. Currently price sits at a strong VPVR support which happens to be at the 0.236 fib level.
4. The bottom edge of the cloud seems to be at around 2300 sats.
5. VPVR shows that the bears were trying to take the price down to 1100 sats earlier this month before the buyers came in to support price.
Forecasts:
1. Some resistance at the 0.5 fib level at around 3600 sats. This level shows strong VPVR resistance so will need some good volume to come in to break this level.
2. Ultimate target should be the 1.618 fib level at about 7700 sats IF price breaks above 3600 sats.
Caveats:
1. This setup fits well with the general expectations with DeFi in Q2 2021. PROVIDED solutions like optimistic rollums / uniswap V3 comes out and fees are reduced on dexes.
2. Cut your bags if indicators flip bearish, particularly if price goes below 2000 sats.
Comment:
Its truly fascinating how VPVRs work. The more we stay in this range, the harder it is to break. Trade is still active.