Nice impulsive wave up. Looks to be forming a head and shoulders pattern. Measured move down from here takes us down to roughly 0.88 cents. This would also confirm the backtest of the daily trend line and the 0.618 fib on the retracement.
Seller exhaustion on both the RSI and MACD histogram. MACD Signal line looking to converge upward. Price action indicates a possible move upward with likely resistance at the $1.04 to $1.04 range (blue line). Still trending under the EMAs.
Hearing a lot of 'bear market' talk'. However, we have not lost the 34, or 50 EMA on the weekly, which historically has been a strong indicator of this. More so looks like an EMA backtest as we were significantly overbought on the weekly
Strong resistance line (highlighted yellow) since $1.60 (May 6th ). Multiple falling wedges converging to weekly trend line (purple). Could see a move up soon. MACD Cross as well.
Strong resistance line (highlighted yellow) since $1.60 (May 6th ). Multiple falling wedges converging to weekly trend line (purple). Could see a move up soon. MACD Cross as well.
Strong resistance line (highlighted yellow) since $1.60 (May 6th ). Multiple falling wedges converging to weekly trend line (purple). Could see a move up soon. MACD Cross as well.
Strong resistance line (highlighted yellow) since $1.60 (May 6th). Multiple falling wedges converging to weekly trend line (purple). Could see a move up soon. MACD Cross as well.
