Alephium broke out of the resistance line last month or so, it's been consolidating and forming a new base at the 50 cent mark.
The increase in volume on this recent breakout run adds validation to the bull case. I see an upside breakout here and aiming for a $3 level to be tapped. Long term, this project is goes at a minimum to double digit, circa about $500...
Price filled the liquidity gap on the 4hr BISI node repeatedly and hammered out a 50 cent floor.
Next phase is breakout of the pennant and running the length of the flagpole, should put is over $3 quickly.
See the weekly chart idea:
Fair value gap suggest we have some strong liquidity magnets up above us at the 44k area.
I see no reason why those cannot be easily filled given the momentum we have.
Following that, I anticipate a violent shakeout back down to the 50% retracement of the the weekly fvg (cyan) at 32k before resuming course for new all time highs by or on May 2024.
Price is coiling for a retaking of the bear FVGs created on the way down in 2022.
This is what I think is the very likliest price action to occur.
We know ROSE respects FVGs because it reversed hard at the 50% of the FVG as denoted by (i).
The more closer bear FVG, denoted by (a), (b), and (c), will act or hold as resistance for a 3rd time.
You can even tell...
This monthly gap up here is a magnet. Price will tap it shortly but there is too much confluence of bearish factors.
1 - Back test (pullback) to 6 year broken support
2 - Resistance trendline
3 - FVG gap
This is just on the monthly.
I might be wrong but hedging with shorts in that area is wise.
High probability setup to the upside, loading up some on this retracement. Anywhere between now and 20,400 is good. I do not expect we'd stay long below 20k if we get a flash dump. The next leg higher is inbound.
Ascending triangle clearly in the works, bitfinex market buyer this morning testing liquidity in the 39k level.
Expecting a buy order burst into this level to take us into the 40ks.
I would not short here!
It's at $321 million mcap, I expect $13.96 target (the fib extension) which puts it at a $5 fixed billion mcap.
Nice setup, giant flag structure, these have absolutely minted money all year long, just look at the flag on SOL that delivered.
Here is the SOL flag for reference.
Nice uptrending support line has held the entire year. Price compressed into the trendline 4 and 3 weeks ago, hammering out weekly closes.
Next step is a breakout and run to 1.618 extension of the last swing high to the intermediate low set in the summer.
Don't sleep on it, don't miss the rocket.