What a nice spike to 0.28! While we've been in a miniature uptrend since September the 24th, the big question is whether or not we have truly reversed the overall trend. While this 0.28 spike is exciting for us bag holders, we've got to expect a nice correction now that we are flying high above the oversold stochastic area. The volume for this spike is less than HALF of the October 5th green bar, which really didn't do much for pumping the price. So that tells me we will probably correct now.
But what does the immediate future hold?
My eyes are on the magical Big Red 4.618 fib ring. However, before we touch on that, we just watched the price line succumb to the gravitational attraction of the Purple 4.236. It pulled the price up during this spike like it was gripped by the Starship Enterprise's tractor beam. So I expect the Purple 4.618 to have a similar effect once we reach it. But the Big Red 4.618 has more of a significant effect, because IF we continue to bounce and crawl up that line, it can pull us into bullish territory.
What I would like to see is the price line continuing to respect the Big Red 4.618 as a base, until it crosses the Purple 4.236. If it can make it that far, we've got a possibility for a pivot to the up-side, because we would be on the border of Quadrant 1 and 2 of that purple fib ring.
One question I have in my mind is, what caused that dump on September 24th? And was this an artificial low? All along, I have been saying that my true belief is that 0.25 was the base during this trading season. My hopes were dashed when we saw that big red candle on the 24th. But notice that we've recovered, and the 0.25 base appears to have been re-established. If the base is back in-tact, this could be the accumulation/consolidation period before we see the frenzied run. It's October folks, so anything is possible. The run could be right around the corner, in late 4th quarter or early 1st quarter of 2020. I know we've been hearing a lot about a $10 target, some even saying $20. I tend to believe the latter.
Are you accumulating more during this dip? I'd love to know. I'm still sitting on an average of 0.45 with my itchy finger on the trigger. I do hope to get one more buy in before we're all saying, "I wish I could have accumulated more back when the price was only a quarter".
Not trading advice. Strictly entertainment purposes.
Carlton Flowers
The CryptoPro
But what does the immediate future hold?
My eyes are on the magical Big Red 4.618 fib ring. However, before we touch on that, we just watched the price line succumb to the gravitational attraction of the Purple 4.236. It pulled the price up during this spike like it was gripped by the Starship Enterprise's tractor beam. So I expect the Purple 4.618 to have a similar effect once we reach it. But the Big Red 4.618 has more of a significant effect, because IF we continue to bounce and crawl up that line, it can pull us into bullish territory.
What I would like to see is the price line continuing to respect the Big Red 4.618 as a base, until it crosses the Purple 4.236. If it can make it that far, we've got a possibility for a pivot to the up-side, because we would be on the border of Quadrant 1 and 2 of that purple fib ring.
One question I have in my mind is, what caused that dump on September 24th? And was this an artificial low? All along, I have been saying that my true belief is that 0.25 was the base during this trading season. My hopes were dashed when we saw that big red candle on the 24th. But notice that we've recovered, and the 0.25 base appears to have been re-established. If the base is back in-tact, this could be the accumulation/consolidation period before we see the frenzied run. It's October folks, so anything is possible. The run could be right around the corner, in late 4th quarter or early 1st quarter of 2020. I know we've been hearing a lot about a $10 target, some even saying $20. I tend to believe the latter.
Are you accumulating more during this dip? I'd love to know. I'm still sitting on an average of 0.45 with my itchy finger on the trigger. I do hope to get one more buy in before we're all saying, "I wish I could have accumulated more back when the price was only a quarter".
Not trading advice. Strictly entertainment purposes.
Carlton Flowers
The CryptoPro