Here's what I see happening at the end of this massive bullish pennant (in no particular order):
1) 75 & 100 day moving averages about to cross 2) touching support - held yet again 3) touching sekou span A - usually a good sign a trend reversal is about to happen 4) Stochastic indicator showing oversold condition with imminent crossover 5) touching edge of bollinger bands
I don't see any indication we'll breakout through support.
Good thinking, however the trend is under a red Ichimoku cloud so the price tends to pull back around this area. Plus the BB are just starting to widen so this could be the start of going further down. It should indeed seek support at the lower trendline, stoch RSI also oversold on 4H but also check daily? Several TF's are the best indication :)
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@TheTrex, On the daily chart it's inside the cloud, which makes sense for now - it's trying to figure out where to go! On the daily chart it is in the oversold conditioned the bollinger bands are very close together. This really could go either way but I'm prediction a breakout above.
On the hourly chart it doesn't look like we'll continue going down - the indicators just don't show that in my opinion. However it is very possible I'm wrong. I'm no expert by any means! Here's a screenshot of the hourly to show you what I mean:
TheTrex
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@landonwiggs, The bottom wigs are a good indication of higher lows, having a quick look I think the price will stabilize around 0.245 Keeping an eye on bitcoins movement is also handy, seems that most alts go down with it.
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@TheTrex, Interesting, thanks for the input - I'm anxious to see what happens!
TheTrex
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@landonwiggs, I hope this give some indication
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@TheTrex, interesting - what are those colorful tools you use?
TheTrex
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@landonwiggs, Just curves hand put curves that should indicate wigs bottom and lower trend channel and full body channel for both resistance and support. The colors are added by polyline tool :)