Its always good to monitor markets that had strong gainers yesterday and than on a pullback the chance for a low risk entry occurs.
To monitor the best performing coins from yesterday I setup an alert, so everytime the developing POC is crossed I take a look at the market...
Coin ANT (ARAGON), I have no idea what the project is about, if anyone knows write in the comments.
On the weekly chart the price has formed a simple technical analysis pattern of a rounded bottom or arc. The price usually signals about the continuation of the upward movement, at the moment the price is approaching the upper boundary of this pattern....
in my opinion, 2 scenarios
bear scenario: if we break the support, we see the 2 targets in red
bulls scenario: maybe we are in a sideways movement but if we break the resistance then we might see the target in green
but since RSI still has room to go down and I think macd will make another leg down, but there is also a medium bullish divergence.
Following an overbought period on the above 1-day chart (green column) price action is now showing bearish divergence (Higher highs in price action in sync with lower highs in the oscillators). Is there more upside? Possibly. Is the risk to reward worth it? Absolutely not. The 4-day chart below shows the same overbought conditions. Time to take profits.