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What is the chart telling us?
1. RSI shows divergence - Indicates sell
2. Stochastic has same divergence - Indicates sell
3. WAE, red bar - Indicates Sell
4. Price - Sitting on R1, inside the 200 EMA tunnel
Question - Can the price break the tunnel and close below R1? If it does it can come down to test Pivot level and subsequent supports below. Let's keep a close eye
Strong bullish signal...buy now and target R1.
Meanwhile In Zimbabwe, a decision by the RBZ has been reversed, which allows the Golix exchange to resume trading. A positive development for the cryptocurrency industry in this part of Africa.
This is an update to the previous post on daily chart. Price has hit an important level on 4 hr chart. This is a correction setup to the daily bullish signal. The prices can correct to the pivot level on this smaller time frame. This is a small trade counter to daily trend.
The pair is perfect to buy on swing trade. Every time it tests 200 EMA zone it swings back up. Bullish trend is supported by crossover in Stochastic. WAE is turning green. Price has closed above the pivot level. This is perfect point to enter a buy order and target R levels up.
Meanwhile Estonia rolled back its plan to establish a national cryptocurrency...
The price has hit important support level on 4 hr chart. It is still trading above the pivot level. Oscillators are indicating downside after topping. WA Explosion is dropping on bullish front. We are waiting for the price to break pivot. If WA Explosion turns negative and picks momentum, we can see a quick dip in pricing.
Meanwhile here is the news for today...
The indicators are aligned for bullish movement. Watch the support at S1. Breakout from support will push the price upwards targeting pivot. Daily P is going to test the bullish momentum. A breakout from pivot will lead to target R1 and up.
Stochastic is Overbought. WA Explosion indicates uptrend. RSI is flattening. I am watching closely for the price to move up and test the trendline. I will confirm for the price to get rejected at the trendline. Once all my indicators align, I will take a sell order. Target will be S1
This is a very interesting chart. The daily trend line is rising. Every time the price hits, it bounces back. It needs to be broken downside to confirm downtrend. However, on the top daily pivot is preventing the price to move up. Every time the price hits pivot level, it drops back. WA Explosion indicates downtrend, however the momentum is not that great....