Today's analysis – GO/BTC – Establishing an S/R flip retest following a bullish break of structural resistance.
Points to consider:
- S/R flip Re-test (trend continuation)
- Increasing volume
- 21 EMA (visual guide)
- Oscillators above 50
GOBTC retracing and consolidating above structural support; a successful retest of this level will establish a higher...
Following this potential falling wedge break out as it tries to flip resistance into support around ~87 sats level...
Volume increasing w/ UCTS Buy signals across 1D & lower TFs...
Looking for an entry at support & looking for volume as continuation
Looking at the fib levels of this chart, the upside potential is huge. I would look at the golden pocket around the 0.618 for a medium play around 557 sats. If GO can turn the 0.236 (372 sats) into a new level of support after an approx. 5x move, the golden pocket is on the table. This chart has never had a true bull run so it will be an interesting play...
There is not much to say about the GOBTC chart.. We can say that there is a tightness in RSI and price, after a while it seems possible to observe a hard movement in GOBTC.. The #GOBTC is priced very close to the ma50, I think the ma50 will be the leading indicator in terms of price movements and should be watched very carefully..
Disclaimer: What I wrote is...
GO has been on a strong retrace since topping at at over 290+ sats! GO is now falling strongly, but there is a golden opportunity to enter as we close in on the yellow entry zone. RSI and Stoch have near oversold and volume has bottomed out. I expect one final daily wick down into this zone, in which I recommend stagger buy in bids from 136 to 156...
- Price seems to be trading deep within a falling wedge (bullish pattern).
- Trading just above horizontal support area and exactly on the 100 daily EMA support
- 100 daily EMA was the bottom during the previous large correction down to 145.
- We've had 2 quick wicks through the ichimoku cloud, but are trading within the cloud, which should act as support.
Just like the retrace of the previous uptrend, GO seems to be forming a falling wedge with declining volume.
GO could drop another 10% (to 203 area where the .618 fibonnaci is) in the next 5 days to make the last macro higher before trending backup, which is started with an explosive move back to 275.
Priceline of world's 151th largest cryptocurrency out of more than 2300 crypto tokens GoChain (GO) has formed bullish Shark pattern and entered in potential reversal zone.
This potential reversal zone should be used as stop loss in case of complete candle stick closes below this zone.
Let’s have a look on the dimensions of GO price action's moves:
GO/BTC strong uptrend!
Time frame : 3D
Cup & Handle Confirmed:
Buy : 240-290
Target : 396
Let the profit until April's Target! - (Based on the price action from the past)
Until next time, happy trading!