On the above 2-week chart price action has corrected over 80% since the sell signal last February. A number of reasons now exist to be bullish, a few of which are:
1) A buy signal prints.
2) Regular bullish divergence. Currently 10 oscillators are printing divergence on the weekly chart (below).
3) Support and resistance. The yearly chart (bottom - each candle = 1 year of data) is showing price action testing support on past resistance from 2017 through to 2019 @ $40. It is very likely to act as strong support.
Is it possible price action falls further? For sure.
Is it probable? Highly unlikely.
Ww
Weekly chart with bullish divergence
Annual chart - support
Trade active
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On support, safe long from here. Currently up around 15%.
Trade active
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Price action has now confirmed trend reversal on the macro. A new bull market for this asset is confirmed.
how do you manage a trade like this? I'm guessing its multiyear so im not sure when an idea could get invalidated, or if it just gets delayed/something else
without_worries
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@billydior, That depends on what your strategy requires of you. A good strategy manages risk and is never greedy.
calebachiri
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it's already at $54
fadz911
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Hi What do you think of BRISE, if you get some time I would appreciate your idea