HSI is at the most oversold in decades, touching the bottom of its monthly uptrend channel.
Valuations are at its rock-bottom extremes with very poor sentiments, on the back of the Congress Party closure without good news.
Reward-to-risk is high, especially if reversion to the mean happens.
Following last update, TSLA hit top descending resistance and dropped like a ton of bricks, slicing through the 700 resistance level.
This on the back of Nasdaq broad declines, Twitter uncertainty and sexual allegations against iconic Musk.
Near term looking potentially find support ground at the 550 levels, depending on Nasdaq potentially recovering from 7 weeks...
Short term ascending triangle negated on 06Apr 0000H UTC
Price ranging still between 0.456 and 0.54 as per previous update. Lower support is at the longer term ascending trendline, now marked around 0.40 levels.
Price pressure maybe downwards, hinging on Bitcoin price action but also on fundamentals.
Crypto.com announced earlier their earn rates will be...
Last update on 15m charts saw 0.456 resistance breached. Now 0.456 has turned support.
Coasting on ascending triangle upwards to 0.54 resistance.
The rally may be sparked by news of Crypto.com entering the middle eastern markets, alongside general rally of crypto markets with positive sentiments towards adoption.
Since last update on 14Mar, CROUSDT touched the support @ 0.35 (one of the outcomes validated) and resumed uptrend.
Resistance @ 0.42 held once on 20Mar, with it trading sideways for a bit, before breaching on 23Mar.
Currently in a short term ascending triangle, looking to test resistance at 0.456. Next resistance looking at 0.54 region.
Failure in breaching...
Tesla top on 04Nov21 @ 1243 with recent intermediate bottom on 24Feb22 @ 700.
Support at 700
Following either a large descending triangle or a smaller ascending triangle.
Current price near middle of each triangle.
RSI overbought at 70. Other instances when RSI above 70 were at 04Nov and 03Jan, saw price moderation after.
Current momentum could carry it to top...
Since 09Mar, CROUSD has been trading mostly sideways, with Bollinger band tightening.
Trading band in a descending triangle pattern with the upper downtrend line (formed with Nov21 and Mar22 highs) and immediate support line of 0.37. Poised for breakout or breakdown by 18Mar.
After which, we look to the 0.35 support line if breakdown below 0.37, or using...
A followup to the previous chart
Initial anticipation to hit the 0.39 level and resuming downtrend to the 0.35 short term bottom (in the coming days). This may be further extended with the temporary rally due o the material news of the treasury statement signaling some bullishness for crypto
Looking to see if the rally fails to surpass the 0.41 - 0.42 resistance...
Since Feb 2016, there has only been 6 other instances where RSI (weekly charts) have been below 30.
5 out of the 6 instances saw a rebound at least into the next 4 bars (1 month).
Long term basis, HSI is below upward trend with decent valuations.
Sentiments remain bearish due to Ukraine war, proxy to China market (regulatory pressures) and sharp uptick of Covid...
After hitting resistance on 02Mar, CRO is now on a technical downtrend with downtrend line resistance turned support. Looking to bottom intermediately at 0.35.
History never repeats itself but often rhymes.
Today marks the incursion of Russia into Ukraine.
Market fell by 30%+ as of writing.
Looking back, Crimea annexation only saw a fall of 16%. The event took place over 1 month.
MOEX bottomed out after 3 - 4 weeks.
Russia's invasion into Ukraine is seeing MOEX lower than COVID levels and nearing 2015 levels.
May be...
Potential reversal from short term downtrend since Jul 2021, if it successfully breaks above $40.
If convicted above 40, near term support is back at 36 (2nd last lower low).
Possibility of pullback at 40 with RSI at overbought. Inclination is downwards.
Testing 3 times major support. Currently oversold. Still in major downtrend. May whipsaw up. Potentially a good short term trade to near term resistance at 67 and 72.
XP just hit the 35 support level for the 3rd time, though on high volume, likely due to earnings season and impending expiry of options coming due on Friday (15Oct).
RSI shows oversold. At these levels, the stock typically rebounds, going by historical.
Potential triple bottom formation, building within channel 35 - 52. Watch for rebound and eventual testing...
